CORPORATE FRAUD IN RELATION TO WHITE COLLAR CRIME IN INDIA

White-collar crime was a term first used by Edwin Sutherland in 1939 to denote crimes other than those that did not involve violence, but which engaged businesses, professionals or government officials in them with the sole purpose of taking the money outside of their income. In FY 2023 there were about 13000 bank frauds reported in India by the RBI. It was recognized that the regulatory system is unsatisfactory and requires the evaluation of the role of auditors on an urgent basis. Banks and loaning agencies have not been doing their best in these circumstances, which is affected by the greasing of professional management.

The abstract stresses that in India a comprehensive approach, including the introduction of new statutes, and increasing corporate governance across the board must be put in place in order to effectively and with integrity, sort out the corporate frauds issue. India can establish itself as a more trustworthy and responsible business environment by becoming aware of and thus, working towards resolving business crimes like the theories of white- collar thievery and derailment. This will be achieved by safeguarding the investors and promoting the economic growth. Developing a culture of ethics and transparency within an organization and promoting it in the long run could be the most effective strategy for stopping corporate fraud.