INTRODUCTION

Often at times it is seen that many companies or individuals on behalf of the company undertake such actions which later on in the future prove to be fatal to a very great extent. Such misrepresentations when done within the corporate culture by any company or individual are known as corporate fraud. Most of the times when such activities are apprehended, it leads to very grave consequences to be suffered by the company for the acts committed by its employees. White collar crimes are taking a troll over the corporate culture these days which not only harms the commerce and economy of our country but also affects the statistics of the concerned corporations or organizations.

This article is written to highlight the meaning, types, and penalties under various laws, biggest corporate frauds committed in India along with determining corporate liability and important case laws as well.

MEANING

Corporate Fraud refers to the illegal and unethical activities undertaken by any company or individual which is mostly done to gain a competitive advantage over other corporations in the industry. This may also be done to showcase a better identity of the company in the market in order to attract better investors also.

White collar crimes are illegal acts committed by high class men of the society in order to achieve profits in a wrong way. This can be done in various forms such as ad hoc crimes, bribery, embezzlement, counterfeiting, forgery, tax evasion, professional…

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