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Economic Offences

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Economic Offences
ECONOMIC OFFENCES | REGULATION OF SECURITIES MARKET | Naiti Kansara (3)Anushka Debnath (14)Aayush Mehta (25)Manan Parekh (36)Urvashi Baldia (47)Sejal Chhajed (59) |

CONTENTS

1. What are economic offences?

2. Types of offences, legislation, enforcement authorities

3. A few scams * Telgi Scam * 2G Scam * Demat Scam * Harshad Mehta Scam 4. Acknowledgements

5. Bibliography

WHAT ARE ECONOMIC OFFENCES?
Economic offences form a separate category of crimes under Criminal offences. These are often confused with White/Blue Collar crimes. Generally people belonging to upper economic classes are found involved in such crimes with the help of some unscrupulous and corrupt Government functionaries and advanced technology. Not only individuals get victimized with pecuniary loss in Economic Offences but such offences often, damage the national economy also and have security implications. The offences of Smuggling of Narcotic substances, Counterfeiting of currency and valuable securities, Financial Scams, Frauds, Money Laundering and Hawala transactions etc. evoke serious concern about their impact on the National Security.

ECONOMIC OFFENCES & LEGISLATION SR. NO | ECONOMIC OFFENCE | ACTS/LEGISLATION | ENFORCEMENT AUTHORITIES | 1. | Tax Evasion | Income Tax Act | Central Board of Direct Taxes | 2. | Illicit Trafficking in contraband goods (smuggling) | Customs Act 1962 COFEPOSA, 1974 | Collectors of Customs | 3. | Evasion of Excise Duty | Central Excise and Salt Act, 1944 | Collectors of Central Excise | 4. | Cultural Object’s Theft | Antiquity and Art Treasures Act, 1972 | Police/CBI | 5. | Money Laundering | Foreign Exchange Regulations Act, 1973; Money Laundering Act, 2002 | Directorate of Enforcement | 6. | Foreign contribution manipulations | Foreign Contribution (Regulation) Act, 1976 | Police/CBI | 7. | Land Hijacking/Real Estate Frauds | IPC | Police/CBI | 8. | Trade in Human body parts |


Bibliography: 3. | Evasion of Excise Duty | Central Excise and Salt Act, 1944 | Collectors of Central Excise | 4 5. | Money Laundering | Foreign Exchange Regulations Act, 1973; Money Laundering Act, 2002 | Directorate of Enforcement | 6 9. | Illicit Drug Trafficking | Narcotic Drugs and Psychotropic Substances Act 1985 & NDPS Act, 1988 | NCB/Police/CBI | 10 21. | Theft of Intellectual Property | Copy Right Act, 1957 (Amendments 1984 & 1994) | Police/CBI | 22
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