Corporate crime is an umbrella term that covers a variety of crimes committed by corporations, both in India and abroad. These include white collar offences such as fraud and insider trading, as well as non-white collar crimes such as bribery and tax evasion.
White-collar crime is a broad category that includes corporate crime and occupational crime, which are both examples of occupational crime. Read More Business News on our website.
What is Occupational Crime?
Occupational crime refers to situations in which individual workers commit crimes against the company, the workplace, or the consumer while they are on the job, whereas corporate crime refers to instances in which corporate authorities execute unlawful or destructive acts for the company’s profit. Corporate crime can also be thought of as a subset of white-collar crime. Most of the study that has been done on corporate crime has been on the features of this type of violation, and there has been a great deal of discussion over whether or not businesses truly “commit” crime.
The findings of those who study corporate crime led them to the conclusion that it results in a greater amount of damage than other types of crime. According to the findings of experts, the traditional motivations for criminal behaviour may not apply to the illegal behaviour of corporations. Traditional criminologists tend to ignore organizational aspects, however those seeking answers for inappropriate behaviour in the workplace need to take organizational factors into consideration.
The response of the criminal justice system (or the government) to misbehaviour on the part of corporations is distinct from the response to more traditional forms of wrongdoing. In most cases, traditional criminal offences are addressed with robust police enforcement and severe punishments, whereas corporate criminal offences are often handled with reactive reactions and light punishments.
In a similar vein, the reaction of society to misbehaviour on the part of corporations typically minimizes the seriousness of the offence. To put it another way, corporate crimes are acts committed by corporation or personnel acting on its behalf that intentionally mislead or deceive authorities in violation of the norms and regulations. The term “corporate crimes” refers to a category of white-collar offences that might occur in the course of an individual’s lawful profession.
People who perpetrate these offences do not consider themselves to be criminals; rather, they view what they are doing as part of their daily routine. Therefore, corporate crimes are not simple to spot due to the highly clever application and peaceful nature of the nature of the crimes themselves.
The nature of the markets in which a company operates, the material and intellectual state of regulatory, the nature of state-business relationships, and the dominant type of political economy are just a few examples of the causes of corporate crimes. Other factors, such as concurrent societal values, such as the nature and degree of pro- or anti-business sentiment, can also play a role.
Corporate wrongdoing can fall into one of three categories: traditional, occupational, or organizational and some examples of corporate crimes are –
• Willful omissions of quantities
• Corruption
• Manipulation of records
• Embezzlement
• Embezzlement
• Bank frauds
• Forgery
• Counterfeiting
• False claims
• Violation of environmental regulations
• Insider trading
• Money laundering
• Blackmail etc.
Corporate crime in India is an important issue. It has become a major challenge for the government and law enforcement agencies. The government is trying its best to curb this menace through various means. However, there are many loopholes in the system and it needs to be addressed properly.
Corporate crime in India can be prevented by adopting some simple measures such as:
1) Make sure that all employees have clear understanding of their responsibilities and duties;
2) Ensure that employees are aware of the importance of maintaining records;
3) Provide training to employees on how to avoid committing any kind of crimes;
4) Have a strict policy against bribery at all levels;
5) Ensure that there are no conflicts between your directors and shareholders, etc.;
6) Setup a corporate governance committee which will monitor all activities at all levels within your organization so that no illegal activities take place within your company premises;
7) Have an effective internal audit function which can identify any potential problems before they become major issues for your company
Corporate crime in India is a major concern for the investors, consumers and the government alike. The number of corporate crimes committed in India has increased dramatically over the last few years. In order to prevent corporate crime from happening in India, it is essential that we have strong laws which will hold companies accountable for their actions. Corporate crime not only harms the reputation of an organization but also affects its shareholders, employees and customers. It also affects the economy as a whole. Corporate crime can lead to bankruptcy and thus affect millions of people around the world who depend on companies for their livelihoods.