AN OVERVIEW OF LAWS RELATED TO ECONOMIC OFFENCES SARFARAZ AHMED KHAN Assistant Professor W. B. National University of Juridical Sciences

Economic Offence Economic offences form a separate category of crimes under Criminal offences. These are often referred as White/Blue Collar crimes. Indulgences by technocrats, highly qualified persons, well to do businessmen, corporate persons, etc. in various scams and frauds facilitated by the technological advancements, is often seen. In Economic Offences, not only individuals get victimised with pecuniary loss but, such offences often damage the national economy and defence.

The offences, for example, Smuggling of Narcotic substances, Counterfeiting of currency, Financial Scams, Frauds, etc. evoke serious concern about their impact on the Nation’s Security and Governance.

A number of special laws regulating customs, excise, taxes, foreign exchange, narcotic drugs, banking, insurance, trade and commerce relating to export and import have been enacted in the country, as listed in the preceding paragraph,. These laws are enforced by the respective departmental enforcement agencies created under the statutory provisions. Legal powers for investigation, adjudication, imposing of fines, penalties, and under special circumstances, arrest and detention of persons are derived from the same legislation. Officers of the enforcement agencies are also vested with powers to summon witnesses, search and seize goods, documents and confiscate the proceeds.

The current thrust areas of the EOW are as follows: (a) Import-export frauds. (b) Banking frauds. (c) Insurance frauds (d) Foreign exchange frauds. (e) Frauds through manipulation of prices of shares listed on Stock Exchanges, insider trading etc. (f) Smuggling of narcotics and psychotropic substances. (g) Forgery of travel documents, identity papers, and overseas job rackets. (h) Counterfeit currency and fake Government stamps/ papers. (i) Smuggling of antiques, arts and treasures. (j) Cyber Crimes. (k) Violations of Intellectual Property Rights, audio and video piracy, software piracy etc. (l) Wildlife and environmental crimes

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