Economic Offences

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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| Transplantation of Human Organs Act, 1994| Police/CBI| 9. | Illicit Drug Trafficking| Narcotic Drugs and Psychotropic Substances Act 1985 & NDPS Act, 1988| NCB/Police/CBI| 10. | Fraudulent Bankruptcy| Banking Regulation Act, 1949| CBI| 11. | Corruption and Bribery of Public Servants| | State/Anti Corruption Bureau/ Vigilance Bureau/CBI| 12. | Bank Frauds| IPC| Police/CBI|

13. | Insurance Frauds| IPC| Police/CBI|
14. | Racketeering in Employment| IPC| Police/CBI|
15. | Illegal Foreign Trade| Import & Export (Control) Act,1947| Directorate General of Foreign Trade/CBI| 16. | Racketeering in false Travel Documents| Passport Act, 1920/IPC| Police/CBI| 17. | Credit Cards Fraud| IPC| Police/CBI|

18. | Terrorist Activities| IPC & related Acts| Police/CBI| 19. | Illicit Trafficking in Arms| Arms Act,1959| Police/CBI| 20. | Illicit Trafficking in Explosives| Explosives Act, 1884 & Explosive Substance Act, 1908| Police/CBI| 21. | Theft of Intellectual Property| Copy Right Act, 1957 (Amendments 1984 & 1994)| Police/CBI| 22. | Computer Crime/Software piracy/Cyber Law| Copy Right Act, 1957/I.T.Act, 2000| Police/CBI| 23. | Stock Market Manipulations| IPC| Police/CBI|

24. | Company Frauds (Contraband)| Companies Act, 1956/IPC MRTP Act, 1968 | Police/CBI|

A FEW SCAMS
* TELGI SCAM
ABDUL KARIM TELGI was the mastermind of one of the biggest ever scams the country has witnessed in recent history. On January 17, 2006, almost 11 years after the first case against Telgi was registered, special Central Bureau of Investigation (CBI) Judge U.S. Salvi pronounced the scamster guilty on seven counts: criminal conspiracy, counterfeiting government stamps and cheating, among others. He sentenced Telgi to 10 years of rigorous imprisonment (RI) and imposed a fine of Rs.1.4 lakhs. Two associates of Telgi,...
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