White-collar crime: Losses from frauds rise 80% from last year, says survey

White-collar crime has crept into all industries especially financial, pharmaceutical, information technology and manufacturing with rising instances of money laundering, tax evasion, embezzlement, securities, credit card and insurance frauds, according to a recent survey by Netrika Consulting and Indian National Bar Association. The survey pointed that 3,766 cases of fraud were detected in FY19, a 15 per cent spike from a year ago; losses incurred due to frauds rose by 80 per cent.

What are white-collar offences?

• Non-violent criminal acts committed by people from a higher social class such as wage theft, money laundering, copyright infringement, among others

• 83% of respondents agree that white-collar criminals adopt a mix of bribery, cybercrime and money laundering