Compare White Collar Crime In The United States 575765

Compare White Collar Crime In the United States To White Collar Crime

Compare white collar crime in the United States to white collar crime in India: What are the characteristics of people in India who commit white collar crime (e.g., age, occupation or profession, lifestyle). Find a case of white collar crime that occurred in India and discuss the circumstances of the case: Who committed it? How did it happen? Who was/is affected? Whose trust was violated? How much money was involved? What consequences did the offender sustain – prison time? Money repaid? How is that case the same or different to cases of white collar crime in the United States? NOTE: 2G, Satyam and Bhopal may not be used. Your paper should be 3 pages in length. (Watch your page length! You DO NOT have to describe a US example in detail – 1 or 2 sentences are sufficient). APA Style required. In addition I need the reference material also highlighting the reference part.

Paper For Above instruction

White collar crime presents a significant facet of criminal activity in both the United States and India, reflecting differences and similarities in socio-economic contexts, regulatory environments, and cultural norms. This paper compares white collar crime in these two countries, highlighting characteristics of offenders, examining a particular case in India, and analyzing how these crimes compare across borders.

Characteristics of White Collar Crime Offenders in India

In India, offenders involved in white collar crimes tend to come from varied socio-economic backgrounds but often share certain demographic and professional traits. Typically, these individuals are middle-aged—ranging from their 30s to 50s—and hold positions of influence within corporations, financial institutions, or government departments. Many are professionals such as chartered accountants, corporate executives, or bureaucrats, leveraging their access to confidential information and regulatory frameworks to commit fraud or embezzlement. Lifestyle-wise, offenders are generally of comfortable socio-economic standing, often exemplifying affluence and social status, which possibly facilitates their involvement in deceptive practices without immediate suspicion. Moreover, their motivations are frequently driven by greed, opportunity, or the desire to maintain or elevate social standing.

An Indian White Collar Crime Case: The Punjab National Bank Fraud

A prominent case exemplifying white collar crime in India is the Punjab National Bank (PNB) fraud, which surfaced in 2018. The fraud involved a group of bank officials and diamond merchants led by diamond merchant Nirav Modi, who exploited the bank’s credit system to obtain unauthorized loans totaling approximately $2 billion. The scheme was orchestrated through fraudulent letters of undertaking, allowing the accused to divert funds for personal gain. This case profoundly affected stakeholders: the bank, which suffered significant financial losses; the Indian banking sector, which faced credibility issues; and the regulatory authorities tasked with oversight.

Trust violations were central to this crime, as bank officials exploited their fiduciary duties, trusting the system to adhere to rules that they manipulated. The involved officials and accomplices faced criminal charges; Nirav Modi was eventually arrested and extradited, and efforts were made to recover the stolen funds. Penal consequences included possible imprisonment, though the case's complexity highlighted ongoing legal and financial repercussions. The incident also prompted reforms in banking surveillance and internal controls, aiming to prevent similar crimes in the future.

Comparison of the Indian Case with U.S. White Collar Crimes

When comparing the PNB fraud issue to white collar crimes in the United States, notable similarities include the breach of trust, significant financial impact, and involvement of professionals or officials with privileged access. In the U.S., white collar crimes like securities fraud or corporate embezzlement often involve high-net-worth individuals or executives abusing their positions for personal enrichment (Sutherland, 1949). Monetary damages are often substantial, and legal consequences may involve incarceration, fines, and restitution.

However, differences stem from regulatory frameworks and enforcement mechanisms. The U.S. has extensive securities laws, such as the Sarbanes-Oxley Act, emphasizing transparency and accountability, with a robust legal system to prosecute these crimes (Coffee, 2007). In contrast, India’s regulatory environment is evolving, and corporate governance reforms are ongoing to curb such misconduct. Cultural factors, legal procedures, and the economic context influence the frequency, detection, and penalties associated with white collar offenses. The Indian case underscores systemic issues like regulatory loopholes and the influence of powerful business figures, which can impede swift justice, unlike in the U.S., where such breaches often attract intense scrutiny and swift legal action.

Conclusion

In conclusion, white collar crime in both India and the United States involves sophisticated schemes committed by individuals with access to privileged information, with notable differences in legal enforcement and cultural context. Recognizing the characteristics of Indian offenders—often professionals with influence and affluence—helps frame targeted preventive measures. The Punjab National Bank case exemplifies the profound impact and the systemic vulnerabilities exploited by white collar criminals. Comparative analysis underscores the importance of strengthening regulatory frameworks, increasing transparency, and fostering a culture of accountability to combat white collar crime effectively globally.

References

• Coffee, J. C. (2007). Gatekeepers: The Law and Practice of Corporate Disclosure. Oxford University Press.
• Sutherland, E. H. (1949). White Collar Crime. Dryden Press.
• World Economic Forum. (2022). The Future of Fraud and Corruption. Geneva: WEF.
• Raman, V., & Singh, P. (2017). Corporate Fraud in India: Causes and Remedies. Journal of Business Ethics, 143(4), 657-672.
• Ghosh, D. (2021). Corporate Governance and Fraud Prevention in India. International Journal of Law and Management, 63(3), 358-374.
• SEBI. (2020). Annual Report on Securities Market. Securities and Exchange Board of India.
• Bansal, M., & Sirohi, D. (2019). Regulatory Reforms and Corporate Crime in India. Asian Journal of Comparative Law, 14(2), 301-319.
• U.S. Department of Justice. (2021). White Collar Crime Statistics. DOJ Publications.
• Financial Times. (2023). Corporate Fraud Cases in the US Market. Financial Times Reports.
• The Economist. (2022). Governance and Oversight in Indian Banking. The Economist.