Financial and Systemic Fraud

  • Muskan Sharma,
  • Savya Atrey
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  • Muskan Sharma

    Student at Symbiosis Law School, Pune, India

  • Savya Atrey

    Student at O.P Jindal University, India

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Systematic Financial frauds are widely regarded as white-collar crimes that not only affect the general society but also have a negative impact on the economy. White-collar crimes are non-violent crimes that are carried out for personal financial gains. In most cases financial frauds involve misappropriation or manipulation of public funds for the financial gains of fraudsters. What is surprising is that with the evolution of technology these frauds have only increased. India as a country has seen many big online financial frauds over the years. The fraudsters commit such crimes online hiding behind the anonymity that the Internet offers. Even though it is not easy to give an exhaustive definition to the term financial frauds it can be regarded as the intentional act of deception that involves financial transactions. However when such an act is carried out online with the help of technology it is knows as online financial frauds. Some examples of online financial frauds include KYC frauds, Identity Frauds etc. Nevertheless steps have been taken by the legislators to hold these fraudsters accountable and to ensure that the online financial frauds are reduced in number. The legislative framework that helps in the same includes the Information Technology Act, 2000 and Indian Penal Code, 1860. The above has been discussed in detail in the subsequent parts of the paper.


Research Paper


International Journal of Law Management and Humanities, Volume 5, Issue 6, Page 1883 - 1888


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