White collar crimes are criminal activities involving people in their regular courses of business. These crimes do happen in the regular classes of peoples business and involve extortion, bribery, embezzlement, and fraud (Goldstraw-White, 2011). These crimes usually end with the perpetrators having financial gain. Some examples that constitute white collar crimes include price collusion that is, conspiring with other corporation to fix the price of services or goods as a way of gaining high profits that are artificial or driving a competitor out of the market (Simpson, 2013). Falsifying reports of test on pharmaceutical products so as to obtain manufacturing license and substituting cheap, defective materials for a more cost component stipulated in the construction of infrastructures by charging the client for the whole charge of the specified content. These activities can be done by individual employees or executives working on their initiatives. These crimes represent a collective and organized effort by an organization to increase its profit at any cost (Simpson, 2013).
According to Simpson 2013, most of the white collar crimes offenders are persons of high social status and respectability in the course of their occupation and most of them are over the age of 18. These crimes can be committed by individuals at any level of an organization (Goldstraw-White, 2011). Either be it cooperate executives and their employees at the bottom of their corporate hierarchy though it is highly associated with executives for they can take advantage of privileged information about an impending stock or event in their gain an advantage by engaging in illegal insider trading. Statistics also proved that male is more involved in the crimes than the females.
The florid Subrata Roy, flashy, the chief promoter of the Sahara Group has been in Tihar jail since March 4, 2014, having committed the following white collar crimes. Held back in 2012, the Supreme Court declared his companies acted in the contravention of the SEBI riles for public issues by unlisted companies. He had his legal arguments that the SEBI had no legal jurisdiction over optionally convertible debentures that were unadvertised issuance by unlisted companies that were rejected by the Supreme Court. He was directed to refund Rs 175 billion that accounted to USD 4 billion that were collected by his 1.2 million agents from an estimated 22 million small investors. This was between the year 2008 and 2011.lin more legal environment, Roy would be termed an investor par excellence who extended financial inclusion to million investors, and a million agents got lively hood through him.