Supreme Court docket decide Justice Hima Kohli on Wednesday mentioned that “white-collar crimes current a formidable problem to judicial and the financial techniques, requiring a “multipronged and nuanced” method.”
“Leveraging superior applied sciences resembling information analytics, synthetic intelligence, and blockchain will improve the power to detect, examine, and prosecute white-collar crimes, she mentioned.
The Supreme Court docket decide was talking on the subject of ‘Second Discourse on Judicial Perspective on Financial Offences and Company Malfeasance’ at an occasion organised by the Centre for Discourses in Legal and Constitutional Jurisprudence.
“White-collar crime presents a formidable problem to India’s judicial and financial techniques, necessitating a nuanced and complete response. Combating in opposition to this crime requires a multipronged method.
“The judiciary, supported by sturdy legislative frameworks and devoted institutional mechanisms, is pivotal in addressing these offences. Establishing specialised courts assisted by specialists in monetary and financial crimes is important for well timed and efficient adjudication,” she mentioned
Additional, Kohli differentiated between conventional and white-collar crimes, saying conventional offences typically stem from feelings like anger or revenge, and if cold-blooded, are meticulously deliberate and executed, generally with the assistance of these with earlier felony historical past.
“Conversely, white-collar crimes are pushed by greed and are characterised by cautious planning and execution by people with skilled help. Whereas white-collar crimes inflict reputational or monetary harm and result in substantial monetary penalties when detected, conventional crimes lead to bodily hurt and emotional harm,” Justice Kohli mentioned.
She additional added that each varieties of crimes have a profound impact on the victims and the society at giant. “Making certain sturdy cyber safety controls to deal with digital frauds, efficient administration of third-party dangers and compliance tradition in Monetary Establishments is important. Digital case administration techniques can streamline judicial processes, scale back delays and enhance effectivity,” she mentioned. Steady coaching and capability constructing for regulation enforcement companies, prosecutors, and judges are crucial for staying forward of the evolving curve of those crimes, she mentioned.
“Strengthening these areas may also help construct a extra resilient and clear authorized system that upholds justice and integrity, mitigate the affect of white-collar crime and foster a society the place belief and accountability are paramount,” she mentioned.
