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![Laws dealing with economic offencesLaws dealing with economic offencesLaws dealing with economic offencesLaws dealing with economic offences
The economic offences which are often referred as white collar crimes are master
minded and carried out in a planned manner by technocrats, highly qualified
persons, well to do businessmen, corporate officials in the form of scams, frauds
etc.To punish the criminal relating to economic offences a number of Acts are
present, some of the act are:-
Tax-evasion ,The Income-Tax Act, 1961
Corporate and business fraud,The Prevention of Money Laundering Act 2002
Illegal DrugTrafficking, Narcotic Drugs and Psychotropic Substances Act, 1985
Corruption and Bribery of Public Servants Frauds, Prevention of Corruption
Act, 1988
Stock Market Manipulations, Companies Act, 2013/ IPC
IllegalTrafficking in contraband goods and smuggling, Customs Act, 1962 &
COFEPOSA, 1974
The Prevention of Food Adulteration Act, 1954
Theft of Intellectual Property, Copyright Act, 1957 (Amendments of 1994 &
1999)
IllegalTrafficking in Arms,Arms Act, 1959 [5].](https://image.slidesharecdn.com/economiccrime-200630092803/85/Economic-crime-8-320.jpg)
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![Case studyCase studyCase studyCase study---- Sahara India scamSahara India scamSahara India scamSahara India scam
To raise a fund from public, on 30th Sep 2019 Sahara prime city company submitted a
Draft Red Herring prospectus (DRHP) to SEBI for issuing an IPO (Initial public offering).
But SEBI found that the two company Sahara housing investment corporation LTD.
(SHICL) and Sahara India real estate corporation LTD. (SIRECL) has raising their found in
an illegal way.
These two companies borrow their fund by many people through optionally fully
convertible debentures (OFCD), whereas the rule is such that if a company have to issue
OFCD more than 50 people then have to take a permission from SEBI and collection
process must be completed in a 6 week.
But these two companies issue OFCD approx. 3 Crore people and collected 24000 CroreBut these two companies issue OFCD approx. 3 Crore people and collected 24000 Crore
fund in more than two years without the permission of SEBI [6].Then SEBI register a
complaint against SIRECL & SHICL Company and order to the Sahara Company to return
the money of OFCD holder with 15% interest.
Sahara Company went to Supreme Court disregarding SEBI order; however the judgment
came against the Sahara India Company, in which the court said that the money collected
from the OFCD holder would have to be deposited within 3 months to SEBI with 15%
interest and also have to submit all the document of OFCD holder.
After paying one installment Sahara India company said that rest amount already returned
to the OFCD holder but it was not so and those Document Sahara submitted to SEBI in
which many numbers of OFCD holder details are false or incomplete, hence SEBI said this
matter can be a money laundering. Finally, on 28th Feb.2014 Supreme Court passed an
order to arrest chairman of the Sahara group Subrata Roy and still he is in jail.](https://image.slidesharecdn.com/economiccrime-200630092803/85/Economic-crime-10-320.jpg)
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![REFERENCES
Crime in IndiaTable Contents | National Crime Records Bureau,Table 8A.1. (n.d.). Retrieved
June 20, 2020, from https://ncrb.gov.in/en/crime-in-india-table-addtional-table-and-chapter-
contents
Crime in IndiaTable Contents | National Crime Records Bureau,Table 8B.2. (n.d.). Retrieved
June 20, 2020, from https://ncrb.gov.in/en/crime-in-india-table-addtional-table-and-chapter-
contents
Crime in IndiaTable Contents | National Crime Records Bureau,Table 8B.3. (n.d.). Retrieved
June 20, 2020, from https://ncrb.gov.in/en/crime-in-india-table-addtional-table-and-chapter-June 20, 2020, from https://ncrb.gov.in/en/crime-in-india-table-addtional-table-and-chapter-
contents
Agha, S. (2013). Study of Economic Crimes in India with Special Emphasis on Financial Market
Crimes and Control Measures [Abstract]. SSRN Electronic Journal. doi:10.2139/ssrn.2340506
Kolte,A., &Wagh, P. (2019, June 01). (PDF)Analyzing Punjab National Bank Scam. Retrieved
June 20, 2020, from
https://www.researchgate.net/publication/335517910_Analyzing_Punjab_National_Bank_Sc
am
Shashikant, U. (2014, March 10). Sahara:A landmark case that brought focus on investor
protection. Retrieved June 20, 2020, from
https://economictimes.indiatimes.com/opinion/et-commentary/sahara-a-landmark-case-that-
brought-focus-on-investor-protection/articleshow/31658922.cms?from=mdr](https://image.slidesharecdn.com/economiccrime-200630092803/85/Economic-crime-11-320.jpg)
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Economic crime
The document discusses economic crimes in India. It defines economic crimes as illegal acts committed by individuals or organizations for financial gain. Examples include fraud, tax evasion, money laundering, and corruption. Data from the National Crime Records Bureau shows that reported economic offenses in India have risen each year from 2016 to 2018. Common economic crimes reported in large cities include forgery, cheating, and fraud. Two case studies of major financial scams in India are provided - the $1.77 billion PNB bank fraud by Nirav Modi, and the illegal collection of over $2 billion by the Sahara India group in unregulated debentures. Laws dealing with different types of economic offenses in India are also outlined.
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