FINANCIAL FRAUD, ECONOMIC OFFENCE IN INDIA: CRIME PREVENTION THROUGH HEURISTIC METHOD

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(2022). FINANCIAL FRAUD, ECONOMIC OFFENCE IN INDIA: CRIME PREVENTION THROUGH HEURISTIC METHOD. The American Journal of Management and Economics Innovations, 4(04), 1–13. https://doi.org/10.37547/tajmei/Volume04Issue04-01
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Abstract

Financial inclusion is the decade’s big achievement of the government of India through the opening zero balance saving accounts mass level in nationalized scheduled banks. In recent past, India is facing big challenges to tackle the white collar and economic crime problems responsible for ruining the entire economic management and system of public policy allocations. The present paper is analyzing the various publicly concerned financial fraud and multiple economic offenses which are directly or indirectly affecting the country’s economy and responsible for sea-merging the financial condition of the nation. Even, there are multiple preventive provisions implemented to prevent such offences by the government and various initiatives taken parallel to combat the economic crisis. In this paper, a heuristic method of crime prevention has been suggested to tackle similar offences and reduce the occurrence of the frauds.

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ABSTRACT

Financial inclusion is the decade’s big achievement of the government of India through the opening zero balance
saving accounts mass level in nationalized scheduled banks. In recent past, India is facing big challenges to tackle the
white collar and economic crime problems responsible for ruining the entire economic management and system of
public policy allocations. The present paper is analyzing the various publicly concerned financial fraud and multiple
economic offenses which are directly or indirectly affecting the country’s economy and responsible for sea-merging
the financial condition of the nation. Even, there are multiple preventive provisions implemented to prevent such
offences by the government and various initiatives taken parallel to combat the economic crisis. In this paper, a
heuristic method of crime prevention has been suggested to tackle similar offences and reduce the occurrence of the
frauds.

KEYWORDS

Financial Fraud, Economic Offence, Heuristic Method, India.

Research Article


FINANCIAL FRAUD, ECONOMIC OFFENCE IN INDIA: CRIME
PREVENTION THROUGH HEURISTIC METHOD

Submission Date:

March 30, 2022,

Accepted Date:

April 11, 2022,

Published Date:

April 23, 2022 |

Crossref doi:

https://doi.org/10.37547/tajmei/Volume04Issue04-01



Dr. Shahanshah Gulpham

Assistant Professor, School of Criminology and Behavioural Science, Rashtriya Raksha University,
Gandhinagar (India)

Journal

Website:

https://theamericanjou
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jmei

Copyright:

Original

content from this work
may be used under the
terms of the creative
commons

attributes

4.0 licence.


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INTRODUCTION

The Government of India has under consideration the
question of effectively dealing with certain economic
offenders. The social and economic offence dealt with
special legislations as Essential Commodities Act,
Prevention of Food Adulteration Act, Drugs (Control)
Act, Foreign Exchange Regulation Act, etc, Import and
Exports (control) Act. These are basically non-
emotional offences as in murder, rape defamation etc.
and no emotional reaction as between the victim and
the offender (Law Commission Report 47). India made
appropriate laws or changes within the existing acts
through amendments and also framed new legislations
in handling the serious fraud or economic offences
whenever required. Our minds are familiar with
traditional offences or conventional offences like
murder, rape and theft but it take time to realize the
seriousness of non conventional crimes or economic
offences. In economic offences, there is no immediate
tangible object of the harm visible to the mind. Neither
the offender nor the society adequately realizes the
harm, because of the absence of an immediate victim.

Fraud as such, is not a criminal offence in India as per
the definition of Reserve Bank of India. fraud is defined
in section 17 of the Indian Contract Act for the purpose
of a contract and insofar as the operation of the
Contract Act is concerned. Financial frauds relating to
the capital and securities market are already dealt with
SEBI regulations. If any fraud is committed in a bilateral
contractual situation or otherwise whether involving
personal fund or public fund, also an act of cheating or
if such an act involves impersonation, criminal breach
of trust or criminal conspiracy, or forgery, or
falsification or destruction of documents for wrongful
gain, or embezzlement of funds, then and only then,
such fraud can be an offence (RBI).

The Fugitive Economic Offender Act, 2018 is to be
considered one of the important enacted legislation
which deals with economic offenders in reaction with
recently occurred high profile economic offences in
India.

Crime is not evenly distributed across the social
spectrum, and age, location, gender and socio-
economic position are important variables in
accounting for offending and victimization. Student of
Lombroso, Raffaele Garofalo supported that crime can
be understood only by scientific methods and
formulated a sociological positivity definition of crime
as immoral act that is injurious to society (Wayne 1995).
He explained crime or offense violating the two basic
altruistic sentiments common to all people, namely
probity and piety. Economic offenders are having the
sentiment of probity which increases criminality
against society based on psychological orientation. In
economic offences, the victims are usually the State or
a section of public, particularly the consuming public.
Consuming the public may be including the portion of
consumer of goods or service, buys shares or securities
or other intangible. Where there is an individual victim,
the more important element of the offence is harm to
society. Economic offences highly affect the Indian
economy, illegal transnational organized crimes,
trafficking and inflation.

Hybridization of the economy in the recent past was
very transformative. Changes in class structure of
society, state and globalization and occurrence of the
wake of late modernity, free economic markets,
cultural conservatism etc. made possible by the
shifting economic interests of the skilled working class,
the welfare and sometimes economic recessions as
shown in India in 1992. Together these dynamics
changes collectively and experience of economic crime


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also has brought with it new freedoms, new wake of
consumption and new possibilities for individual choice
and new disorders and dislocations-above all new
levels of crime and insecurity (Garland and Sparks
2000). One thing more important to mention here is
fraud is applying both criminal and civil laws and the
victim can file a civil lawsuit whereas the government
can bring both charges in fraud lending.

These offences calculated to prevent or obstruct the
economic development of the country and endanger
its economic health includes evasion of taxes, misusing
of position by public servants, hoarding, black
marketing, adulteration of food and drugs, theft and
misappropriation of public property funds, trafficking
in licenses, permits etc. it also covers offenses in the
nature of breaches of contracts, resulting in the
delivery of goods not according to specifications.

If any person is robbed, assaulted or cheated, there is
some person who is interested in getting the offender
prosecuted, and because the act is a physical one
having an immediate and direct impact, both individual
and social vengeance are likely to be aroused. This
element is however absent when for example essential
commodities are hoarded, or foreign exchange is
illegally taken out of the country or prohibited goods
are imported.

Here, the most important feature of these offences is
the fact that ordinarily they do not involve an individual
direct victim but are punished because they harm the
whole society. This constitutes the primary reason why
special efforts have to be made to enforce them.

Economic efficiency and detection of crime

In the broader terms economic efficiency is a
terminology of Economics and relating to the
improvement of the condition or the situation in which

one or the other thing will get affected. (Jude
Hemanth, Jasleen Kaur Sethi, Lalit Mohan Goyal and
Mamta Mittal, 2019)These lexicons are typically used in
microeconomics in order to assume the best of its
output. The limited resources needs to be used in a
judicially manner to come up with the solution of the
various problems which are faced by the community or
the society (Goredema, 2015). The optimal production
of the resources are such which needs to be designed
in such a way that the detection of the crime must be
done as soon as possible with the generation of
healthy environment.

In the economic models of crime the economic
incentives are changing because of the changing
nature of the criminals activities (Erling Eide and Paul
Rubin, 2006). Evidence based crime prevention is
possible in the countries if the cost –benefit analysis is
done properly. Trends of crime in the country depend
on the development of the demographical factors. The
police force of the country needs to play very
important role in reducing the crime in the country.
The tools which will be applicable by them must be
effective and efficient as well. When talking about the
economic efficiency, there is necessity to have tools
which will monitor the crime and the reasons behind
that. Further the economic crimes in the country and
its impact on the various strata of the society also
matters which should be measured. The deterrence
effects on the country and the responses by the
criminals have changed the criminal justice system.
(Freeman, 1999)

In the economic efficiency, it could be seen that the
unemployment plays a very important role as most of
the crime are dependent on it. The neo-classical theory
of Becker mentions that the criminals are economically
rational and respond suggestively to the deterring
enticements by the criminal justice system. The


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outcome of the criminal act is uncertain. The number
of increase in the unemployment is also related to the
rise in victims in the country (S Prabakaran and Shilpa
Mitra, 2018). The economics of crime because crime is
an area which put economic analysis into the rigorous
test.

The market model of the crime in the society paves
that the criminals from the civil society is/are labels and
removed and later tabooed to an extent that the
acceptance in the society reduces (Al-Sarraj, 2016).
There is no elasticity towards the criminals in the
society. When it comes to investigation and the
detection of the crime, then tools can be used which
would help the crime pattern and also the psychology
analysis of the criminals. The data mining techniques
and tools can also be helpful when it comes to the
attribution of the types of crime (William C.
Cunningham, Philip J. Gross and Hugh Nugent , 1978).
The scientific detection of crime can also be helpful but
that requires the high level models which will be
dealing with economic efficiency of the area or the
state where this has to be applicable. The extraction of
new information should be such through which the
maximum evaluation can be done and would generate
the transparent analysis to the organization
concerned.(Fernandez, 2019)This would be defiantly
helpful for the tools and the data collection process
which will be done to curb the crime in the society.

Heuristic Measures of Economic Crimes

The economic analysis exercise should be done with
accurate objectives and evaluations which in a long run
create policy interventions and benefits to a larger
section. The other important measure is the
sustainability of these types of models. To check the
use of the resources which are available are also
important to do the work more sustainably. In many
countries, there are the programmes which are

running related to the economic efficiency and crime
prevention. The law enforcements in these areas will
be definitely helpful to reduce the crime (Ian John
Stewart, Andrea Viski, Jonathan Brewer, 2020). The
cost-benefit analysis and the cost-effective ratio needs
to be more effectively implemented and heuristic
approach should be adopted.

The crime rises in any country will defiantly effect the
different sectors like the family, civil society,
community, individual and the justice system as well.
This is also going to hamper the financial incentives
which are involved into it (Andrea Di Nicola and
Alessandro Scartezzini, 2000). The victims and the
offenders both are important for the society at a large
because they needs to be converted into asset rather
than the liability. Hence to look after towards them and
to help the government and the other institutions with
the economic efficient models it become very
important to think on such programmes and to have
think tanks. It is the responsibility of the citizens and
also the government to look after these things. In
these situation, there are heuristic methods can be
used for economic management.

Basic Financial Crimes and Roots

Crime scientists and Economists alike attempt to
identify pragmatic responses to what economists said
‘market distortions’ which create market failures and
ultimately affect individual and societal welfare
activities. In the criminological field, distortions may be
thought of as crimes, and market failure as the
subsequent negative externalities that affect both
individuals and society at large. In terms of addressing
market failure and minimizing the negative
externalities associated with that failure, economists
envisage their purview in research, policy and practice
( Rechard Wortley 2019). Here economic offenders are
institutionalized with increasing harm to society and


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societal welfare. Generally, economic offenders are
not served punishments for their act or misdeed,
reason behind increasing the economic offences. A
classified

economic

offence

includes

money

laundering, frauds, tax evasion, cheating (Arjan
Reurink 2016). Financial fraud covers the financial
statement fraud, investment scams and fraudulent
financial mis-selling (Arjan 2016).

The criminal of economic offences have a motive of
greed, materialistic avarice or rapaciousness and
operation mode of these offences is fraud, not force,
deliberate and willful. The social interest in the
preservation of the property, wealth or health of its
individual members and national resources and in
general the economic system which is whole from
exploitation or waste by individuals or groups. Social
interest in the augmentation of the wealth of the
country by enforcing the law relating to taxes and
duties, foreign exchange, foreign commerce,
industries and the others alike.

Our analysis shows that the ‘peak point recognized for
economic offences at the time of gigantic process of
government of social and economic planning and they
affect health and wealth of the entire community’.

Socio-economic offences such as white collar crime
could also be an interesting part of economic offence.
White collar crime described as a crime committed in
the course of one’s occupation by a member of the
highly respective society or upper class of the society
(Sutherland 1940). A manufacturer of drugs or illicit
drugs who deliberately supplies sub-standards drugs is
a white collar criminal as it is a big corporation guilty of
fraudulent evasion of tax. Similarly smuggler we
cannot include white collar criminals as they are
coming from lower class strata but may be charged as
a guilty person of socio-economic offence. Fore stance,
economic offences are those which affect the

country’s economy and not merely the wealth of an
individual victim.

Merton’s social structure and anomie ( Merton 1938),
modern capitalist society was seen as being under
pressure, and the strains and tensions within it, Merton
thought, led to crime and deviance distinguishing
between a social ‘structure’ which provide economic
roots to success and ‘culture’ which provided norms,
values and goals. Merton explained that deviance
occurred where there was an imbalance between
social structure (approved social means) and culture
(approved goals). The tension or norm breakdown in
this way is something related with economic offences
(anomie). Economic offenders or fugitive offenders of
developing countries, such as India are more prone to
act economically because of having a dream of a
wealthy man and wanting to become elite in society.

There are economic factors in shaping criminality and
began to produce a genuinely social account that
found the roots of crime to lie not in individual people
but in the organization and working of the wider
society. Offenders wanted to become at the economic
level between a ‘future as part of the socially mobile
elite’ or as part of the ‘new lumpbenproletariat’.

Roots of the economic crime and financial fraud
generally

has

several

legal

elements

as;

misrepresentation of a material fact; knowledge on the
part of the accused that they were misrepresenting the
fact; the misrepresentation was made purposefully,
with the intent of fooling the victim; the victim
believed the misrepresentation and relied upon it and
the victim suffered damaged as a result of the
misrepresentation. Financial fraud includes mail fraud,
bank fraud, tax evasion, bankruptcy fraud, security
fraud, racketeering, wire fraud, embezzlement and
counterfeiting etc.


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Fraud and Financial Crimes

Fraud

Bribery

In depth information about fraud in general and

definitions of the various types of fraud such as wire

fraud; tax evasion; insurance fraud; and identity theft

and other for identifying fraudulent activity.

Act of accepting or offering something of value in

exchange for influence or power in connection to an

elected position or public employment.

Embezzlement

Money Laundering

A crime that occurs when an individual steals money

or property that he or she has been entrusted to

manage.

A crime involving the movement of illicit money and

other gains into legitimate channels in order to disguise

the money’s illegal source and thwart tax officials.

White Collar Crimes

Tax Evasion

Crime committed by high respected person of the

society in the course of his or her occupation

encompass many separate individual crimes, most

commonly related to the use of deceit for financial

gains, such as securities fraud

The Crime of not paying one’s legally required share of

either central or state government’s taxes. Ignorance of

personal liability. Deliberately avoiding paying tax. It

charges economic criminality of individuals, corporate

and trusts.

Securities Fraud

Identity Theft

Securities fraud is a crime in which a corporate officer

makes misleading statements about the company’s

stock performance or discloses confidential

information related to its stock.

When someone unlawfully uses another’s personally

identifying information such as PIN or personal other

information to commit other crimes. For instance credit

card fraud.


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Mortgage Fraud

Racketeering

Define as of the various different illegal schemes

related to the misrepresentation or misstatement of

mortgage documents for the purpose of defrauding

another party, such as a lender or a homeowner.

Crime committed at a state level in the course of

acquiring a business operation through illegal means and

using business operation to commit illegal acts such as

illegal gambling, prostitution rings, drug trafficking etc.

Networking in Economic Offence

Economic offences closely relate with ‘fraud will’ and
this Mens Rea of fraud is considered crime. There is
also a distinction between civil and criminal fraud.
Criminal fraud involves taking something through force
or by stealth where fraud revolves around a purposeful
misrepresentation of fact. Prosecutor can take a fraud
case in both ways but a criminal case would be taken
by the party or victim of the misrepresentation.

Corporate or economic offenders enjoy the economic
and social benefits of their position with little
challenges from either legal or populist quarters. They
profit from activities that damage the quality of life of
others and from economic crimes that pass losses onto
consumers via higher prices, workers losing pensions
or jobs, and compromised health and safety
programmes leading to accidents and manslaughter
death of employees (Alvesalo and Tombs 2002).

Left realism perspective is directly related to the
economic crisis and fugitives. At the time of economic
crisis of any country, economic offences such as
economic offences (fugitive) increase (Jock Young
1979). It covers a range of perspectives on crime and
law, interactionism’s micro-social approach arguably as
a coercive concept of order and an unwillingness to
deal with aettology, statistics and reform. The

Government of India recently started to drastic
economic reforms, tycoon of business started to fraud
with the government, and flees from country who are
now listed as fugitive offenders (i.e. Vijay Malya,
Neerav Modi etc.). They did not accept the taxation
reforms of the government and decided to lunch with
them.

Internet and Cyber crime

The Internet has revolutionized communications, inter
connections, trade and commerce, businesses and
sharing of information by making the world a single
place irrespective of geographical boundaries. In the
last decade access to the internet has increased
exponentially around the world owing to networks and
connection by tech giants. The Internet remains the
powerful tool that it can be used for almost any
purpose and it is accessible by every individual who
connects to one of its constituent networks and
individuals can have easy access to the internet. It
supports host of human communications.

The invention of cyberspace, the term first coined by
William Gibson in 1982 referring to the widespread
online world of computer networks, was made to
make the lives of people better, but it showed its dark
side when it became the hub for people to exploit this
unguarded

space

(Mshana,

n.d).

Information


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Technology

which

was

administered

as

a

troubleshooter in the banking system, as it
smoothened the functioning of interbank and intra-
bank connectivity as it does not have any limitations
related to boundaries, but soon it become obvious that
Information Technology along with its benefits has
brought down some threat that is commonly called
cybercrimes and has become a preferable tool for
committing frauds (Goel and Manjusha, 2012). With the
arrival of cyberspace, the growth of economic offences
has skyrocketed (Kancharla, 2020).

One of the root cause identified behind the increasing
rate of economic offences using internet has been
conceptualised is that the invention of internet was
never intended for commercial business but for
research purpose only, making all of its protocols open
and unsecured and this is the reason that the data,
including confidential ones, that are transmitted over
internet are easily intercepted and stolen (Broadhurst
and Chang, 2012). The motivation to commit crime in
cyberspace is further elucidated in General Strain
Theory of Robert Agnew (1992). It was clearly
articulated that a situation of strain is created when
people experience failure to achieve the desired goals,
lose some positive aspect in their lives or some
negative aspect is presented in their lives. With the
introduction of stressful lifestyles resulting in lack of
social support, people feel strained, compelling them
to resort towards committing the frauds in cyberspace
which are very easily accessible and not easily
exposable (Greenwood, 2016).

The platform of the internet has provided people with
anonymity, fast connections and accessibility
encouraging the motivated offenders to take the
undue advantage. This switch of perpetuating
economic offences from physical space to cyberspace
is well explained in Space Transition Theory. According

to Jaishankar (2008), Because of flexibility, anonymity
and lack of deterrence, this dynamic spatio-temporal
nature of cyberspace is mostly preferred by those
people who were repressing their criminal behaviour in
the physical space due to fear of stigmatization from
the members of society.

Gradually cyberspace started accommodating darknet
markets which is fast becoming the favourable
medium of economic offences for black market to
trade illegal goods (Saxena and Lata, 2016). The
increasing popularity of anonymizing software such as
Virtual Private Networks and Tors to access the Dark
web has also given the motivation to fraudsters and
hackers to commit worldwide fraud and identity thefts
by removing their traces and making it difficult for
authorities to pinpoint the location of suspects (Omar
and Zakariye, 2020) .

Tackling the ascending rate of economic offences
through cyberspace is one of the major concerns of the
Government of India. Evolving nature of technology
and subsequent crimes arising out of it is making it
difficult for police and prosecutors to tackle this issue
because of the lack of basic understanding of the
nature and characteristics of cyber space from their
side (Menon and Siew, 2012). With no geographical
boundaries to limit, cybercrimes have transgressed
internationally motivating a perpetrator sitting in one
country to target the victim at the other end of the
world with specific regards to economic offences. Lack
of planning, legal infrastructure and proactive role of
lawmakers, our country is unable to face off the
evolving nature of cyber crimes, nevertheless having
the number of preventive laws (Arora, 2016).

Another factor behind rising cases of economic
offences using cyberspace is slow progress of the
Criminal Justice System. Based on the analysis of NCRB
report of year 2014-18, the pendency of the cases was


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increased by four times and majority of the cases were
disposed off by the police due to lack of evidence or
taken as a mistake of fact (Kancharla, 2020). The
loopholes generated from the cyber laws are
motivating the perpetrators to use the platform of
cyberspace to commit economic offences. Becarria
(1974) through his theory of Deterrence has effective
deterrence only be achieved by making the
punishment for crime certain, swift and severe. In the
absence of these three elements and an increasing
backlog of the cases, perpetrators are motivated to
prefer the mode of cyberspace to commit economic
offences.

Combating Financial Frauds with Artificial Intelligence
(AI)

John McCarthy coined the term Artificial intelligence in
the year 1950 he is also known as father of AI .
According to McCarthy, artificial intelligence is “The
science and engineering of making intelligent
machines, especially intelligent computer programs”.
Artificial intelligence is basically the ability of the
computer program to learn and think like humans and
mimic their actions. The goal of artificial intelligence
includes learning, reasoning and perception and
problem solving. Artificial intelligence is based on the
principle that human intelligence can be defined in a
way that a machine can easily mimic it and execute
tasks, from the most simple to those that are even
more complex. To modern day AI has endless
possibilities and applications the technology can be
applied to many different sectors and industries.
Artificial intelligence includes vastly major sub fields
that work on large amounts of data, processing and
generating output. It includes Machine Learning,
Natural Language Processing, Cognitive computing,
Neural Networks, Deep learning etc. All of these
technologies have to do with preventing crimes. AI has

specific applications in detecting, reducing and
preventing crimes well within time, and especially
frauds of myriad nature in corporate, industries and
businesses.

Natural Language Processing

Natural Language Processing (NLP) and graph
analytics has applications in detections of frauds. NLP
is a means by which computers study, comprehend and
derive meaning from human language in a smart and
useful way. Graph analytics is concerned with
understanding structures in networks. It is a method of
mapping and exploring relationships between
individuals that is behind prompts.

Future Direction of Financial Crime Prevention

Economic offences extend to deliberate evasion of
taxes and the question that arises for consideration is
how drastically and swiftly penal action can be taken to
prove a deterrent against commission of such
offenses.

There are threats to the national economy arising from
a violation of the restrictions imposed in the interest of
conserving foreign exchange could constitute an
equally serious danger to the survival of the nation.
Economic bankruptcy can pose as serious a problem as
political insecurity.

The current trend of legislation and also the judicial
approach to such offences appears to be that these
offences are treated lightly and the punishment is not
adequate having regard to the gravity of such
offences.

The suppression of economic crimes in any modern
society is of obvious importance. The transition from a
rural and simple society to an industrialized and


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complex one entails regulation by or under law of
activities having an economic import.

Consistently, with India's approach in dealing with the
menace to social health and wealth posed by economic
offences, it is recommended an increase in punishment
for the principal offences under most of the act. In
doing so, India’s main object is to give adequate
expression to the social disapproval of such crimes.
One of the object of punishment is the emphatic
denunciation of the crime by the community, and we
believe that this denunciation could be achieved only if
the gradation of punishments is so devised as to evoke
in the public mind an intelligent reaction, and this in its
turn would be facilitated if the scales of punishment
exhibit a modicum of uniformity based on rational
considerations. The increase of the maximum
punishments will also make the offence cognizable and
non-bailable and that we regard as a welcome
consequence (Law Commission Recommendation).

Important recommendation in Indian scenario
regarding the economic offender is preventive
detention. It is advice whether persons suspected of
large scale smuggling of goods or violations of foreign
exchange law should be brought without the Act
providing for preventive detention.

By introducing the territory oriented approach at
international level, establishing the collaboration and
coordination with global agencies of investigations,
prosecutions and law enforcement, battle against the
rise of economic offences using cyberspace can be
fought upon. This will help in building a multilateral
platform to raise the common standards for privacy.

To prevent the people from becoming the victims of
common cyber crimes such as phishing, vishing or
spoofing, educational interventions such as aggressive
awareness campaigns need to be initiated including

but not limited to guide manuals, posters, pop-up ads,
commercial advertisement and caller tunes focusing
specifically on cybercrimes. This approach will not only
enhance the behavioural skills of people but develop
their cognitive development also, resulting in
reduction and subsequent prevention of victimisation
in the cases of economic offences using cyberspace
(Jahankhani, 2013).

[Conflict

of

Interest/Competing

Interest:

The

manuscript entitled ‘Financial Fraud, Economic
Offence in India: Crime Prevention through Heuristic
Methods’ submitted by me have NO affiliations with or
involved in any organization or entity with any financial
interest or non financial interest in the subject matter
or materials discussed in this manuscript. I declared
that there is NO any conflicting issue related to the
manuscript.]

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2.

Al-Sarraj, D. A. (2016). “Concept of Economic
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New Trends and Countermeasures”. Economic
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3.

Alvesalo A. and Tombs, S (2002): ‘Working for
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of

Economic

Offending:

Contradictions for Critical Criminology?, Critical
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4.

Andrea Di Nicola and Alessandro Scartezzini.
(2000).

When

Economic

Crime

Becomes


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Volume 04 Issue 04-2022

11


The American Journal of Management and Economics Innovations
(ISSN

2693-0811)

VOLUME

04

I

SSUE

04

Pages:

1-13

SJIF

I

MPACT

FACTOR

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307

)

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5.

562

)

(2022:

6.

361

)

OCLC

1176275019

METADATA

IF

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Publisher:

The USA Journals

Organised: The Role Of Information Technologies.
A Case Study. Criminal Justice, 112-200.

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Arora, B. (2016). Exploring and analyzing Internet
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Broadhurst, Roderic & Chang, Lennon. (2013).
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10.2139/ssrn.2118322.

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Cameron McIntosh and Jobina Li. (2012). An
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financial-crimes-with-artificial-intelligence

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Devendra Kumar TayalArti Jain, Arti Jain, Surbhi
Arora, Surbhi Agrwal, Tushar Gupta, Nikhil Tyagi.
(2014, February 7). Crime detection and criminal
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techniques. AI and Society, 58-68.

12.

Erling Eide and Paul Rubin. (2006). Economics of
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Fernandez, R. M. (2019). Effects of Economic
Crimes on Sustainable Development. Peace Justice
and Strong Institutions, 35-47.

14.

FREEMAN, R. B. (1999). THE ECONOMICS OF
CRIME. Boston: Harvard University.

15.

Girling, E., Loader, I and Sparks, R (2000). “Crime
and Social Change in Middle England: Questions of
Order in an English Town”, Routledge, London

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Goel, Manjusha. (2012). Impact of Technology on
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Scientific

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380-383.

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Goredema, C. (2015, January 6). “Measuring the
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Retrieved

from

MEASURES

TO

COMBAT

ECONOMIC

CRIME,

INCLUDING

MONEY-

LAUNDERING:
https://www.unafei.or.jp/publications/

pdf/11th_

Congress/19Presentation_2.pdf

18.

Greenwood, Ian D.(2016), "Cyber-Victimization And
Delinquency: A General Strain Perspective".
Graduate Student Theses, Dissertations, &
Professional

Papers.

10715.

https://scholarworks.umt.edu/etd/10715

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Hillyard, P. Pnatazis, C. Tombs, S. and Gordon, D.
(2004). “Beyond Criminology: Taking Harm
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Ian John Stewart, Andrea Viski, Jonathan Brewer.
(2020). Combating the financing of proliferation:
challenges and new tools. Journal of Financial
Crime, 45-75.

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Internet | Description, History, & Facts | Britannica.
(n.d.). Retrieved

January 21, 2021, from

https://www.britannica.com/technology/Internet

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Jahankhani, H. (2013). Developing a model to
reduce and/or prevent cybercrime victimization
among the user individuals. In: B. Akhgar & S. Yates
(Eds.), Strategic intelligence man- agement:
National security imperatives and information and
communications

technologies.

Butterworth-

Heinemann.

23.

Jude Hemanth, Jasleen Kaur Sethi, Lalit Mohan
Goyal and Mamta Mittal. (2019). Monitoring the
Impact of Economic Crisis on Crime in India Using
Machine Learning. Comutational Economics, 35-56.

24.

Kancharla, B. (2020): “ In 5 years more than
fourfold increase in the number of pending cyber
crime

cases,

Factly.

Retrieved

from:

https://factly.in/in-5-years-more-than-fourfold-


background image

Volume 04 Issue 04-2022

12


The American Journal of Management and Economics Innovations
(ISSN

2693-0811)

VOLUME

04

I

SSUE

04

Pages:

1-13

SJIF

I

MPACT

FACTOR

(2020:

5.

307

)

(2021:

5.

562

)

(2022:

6.

361

)

OCLC

1176275019

METADATA

IF

7.236















































Publisher:

The USA Journals

increase-in-the-number-of-pending-cyber-crime-
cases-in-courts-the-
police/#:~:text=The%20number%20of%20conviction
s%20in%20cyber%2Dcrime%20cases%20in%202018,ye
ar%20period%20of%202014%2D18

25.

Karuppannan, Jaishankar. (2008). Space Transition
Theory of Cyber Crimes.

26.

Law Commission Report, 29th

27.

Mshana J.A (n.d.), Cybercrime: An Empirical Study
of its impact in the society

28.

Omar, Zakariye & Ibrahim, Jamaluddin. (2020). An
Overview of Darknet, Rise and Challenges and Its
Assumptions. International Journal of Computer
Science and Information Technology. Vol. 8. 110-116.

29.

Pearce, F. and Tombs, S. (1998). “Toxic Capitalism:
Corporate Crime and the Chemical Industry”,
Ashgate, Aldershot

30.

PWC firm. (2014). Economic crime:a threat to
business processes. Antwerp: Economic Crime
Survey.

31.

Reurink Arjan (2016). “Financial Fraud: A Literature
Review”, Max Planck Institute for the Study of
Societies, Cologne

32.

Ronald V. Clarke (2005). Seven misconceptions of
situational crime prevention from: Handbook of
Crime Prevention and Community Safety Routledge

33.

S Prabakaran and Shilpa Mitra. (2018). Survey of
Analysis of Crime Detection Techniques Using Data
Mining and Machine Learning. Journal of Physics:
Conference Series, 1-11.

34.

Saxena, P. and Lata, S. (2016). The Darknet: An
Enormous Black box of Cyberspace, Bharati Law
Review.

Retrieved

from:

http://docs.manupatra.in/newsline/articles/Upload/
77A1EB6C-71A0-4899-90EE-5776E7F458D1.pdf

35.

Slapper, G. and Tombs, S. (1999). “Corporate
Crime”, Longman, Harlow

36.

Sundaresh Menon Teo Guan Siew, (2012)."Key
challenges in tackling economic and cyber crimes",

Journal of Money Laundering Control, Vol. 15 Iss 3
pp. 243 - 256

37.

Sunner, C. (1994). “The Sociology of Deviance: An
Obituary”, Open University Press, Buckingham

38.

Sutherland, E. (1949). “White Collar Crime”, Holt,
Rinehart and Winston, New York

39.

Sutherland, E. (1937). “ The Professional Theft”,
University of Chicago Press, Chicago

40.

Taylor, I. (1999). “Crime in Context: A Critical
Criminology of Market Societies”, Polity, Cambridge

41.

Thomas, D. and Loader, B.D. (eds) (2000).
“Cybercrime: Law Enforcement, Security and
Surveillance in the Information Age”, Routledge,
London

42.

Tombs, S. and Whyte, D. (edt.) (2003). “Unmasking
the Crimes of the Powerful: Scrutinizing States and
Corporation”, Peter Lang, New York

43.

Tombs, S. and Whyte, D. (edt.) (2003). “Unmasking
the Crimes of the Powerful: Scrutinizing States and
Corporation”, Peter Lang, New York

44.

Vann, I.B. and Garson G.D. (2001). “Crime Mapping
and its Extension to Social Science Analysis”, Social
Science Computer Review, Vol 19 (4), pp. 471-09

45.

Walton, P. and Young J. (1997). “The New
Criminology”, revised, Macmillan, Basingstoke

46.

Wayne Morrison (1995). “Theoretical Criminology”
Routledge

47.

What is Artificial Intelligence – AI Definition &
Application. (n.d.). Retrieved January 21, 2021, from
https://intellipaat.com/blog/what-is-artificial-
intelligence/

48.

White, R. and Sutton, A. (1995). “Crime Prevention
Urban Space and Social Exclusion”, Journal of
Sociology, 31 (1), pp. 82-99

49.

William C. Cunningham, Philip J. Gross and Hugh
Nugent (1978). Economic Crime. Virginia: U.S
Department of Justice.


background image

Volume 04 Issue 04-2022

13


The American Journal of Management and Economics Innovations
(ISSN

2693-0811)

VOLUME

04

I

SSUE

04

Pages:

1-13

SJIF

I

MPACT

FACTOR

(2020:

5.

307

)

(2021:

5.

562

)

(2022:

6.

361

)

OCLC

1176275019

METADATA

IF

7.236















































Publisher:

The USA Journals

50.

Wortley Richard, Aiden S. Nick Tilley and G. Laycock
(2019). “Routledge Handbook of Crime Science”,
Routledge

References

Agnew, R. (1992). Foundation for a general strain theory of crime and delinquency. Criminology, 30, 47–87.

Al-Sarraj, D. A. (2016). “Concept of Economic Crimes as Perceived Across the World-Typology, New Trends and Countermeasures”. Economic Trends, (pp. 107-121). Delhi.

Alvesalo A. and Tombs, S (2002): ‘Working for Criminalization of Economic Offending: Contradictions for Critical Criminology?, Critical Criminology, 11 (1), pp.21-40

Andrea Di Nicola and Alessandro Scartezzini. (2000). When Economic Crime Becomes Organised: The Role Of Information Technologies. A Case Study. Criminal Justice, 112-200.

Arora, B. (2016). Exploring and analyzing Internet crimes and their behaviours, Perspectives in Sciences (2016) 8, 540-542.

Artificial Intelligence (AI) Definition. (n.d.). Retrieved January 21, 2021, from https://www.investopedia.com/terms/a/artificial-intelligence-ai.asp

Beccaria, C. (1764). On crimes and punishment (H. Paolucci, Trans.). Indianapolis: Bobbs-Merrill.

Broadhurst, Roderic & Chang, Lennon. (2013). Cybercrime in Asia: Trends and Challenges. 10.2139/ssrn.2118322.

Cameron McIntosh and Jobina Li. (2012). An Introduction to Economic Analysis in Crime Prevention:The Why, How and So What. Ontario: National Crime prevention Center.

Combat financial crimes with artificial intelligence | Genpact. (n.d.). Retrieved January 21, 2021, from https://www.genpact.com/insight/article/combat-financial-crimes-with-artificial-intelligence

Devendra Kumar TayalArti Jain, Arti Jain, Surbhi Arora, Surbhi Agrwal, Tushar Gupta, Nikhil Tyagi. (2014, February 7). Crime detection and criminal identification in India using data mining techniques. AI and Society, 58-68.

Erling Eide and Paul Rubin. (2006). Economics of Crime. Oslow: Research Gate.

Fernandez, R. M. (2019). Effects of Economic Crimes on Sustainable Development. Peace Justice and Strong Institutions, 35-47.

FREEMAN, R. B. (1999). THE ECONOMICS OF CRIME. Boston: Harvard University.

Girling, E., Loader, I and Sparks, R (2000). “Crime and Social Change in Middle England: Questions of Order in an English Town”, Routledge, London

Goel, Manjusha. (2012). Impact of Technology on Banking Sector in India. International Journal of Scientific Research. 2. 380-383. 10.15373/22778179/MAY2013/130.

Goredema, C. (2015, January 6). “Measuring the Impact of Economic Crime: Can Indicators Assist?”. Retrieved from MEASURES TO COMBAT ECONOMIC CRIME, INCLUDING MONEY-LAUNDERING: https://www.unafei.or.jp/publications/ pdf/11th_ Congress/19Presentation_2.pdf

Greenwood, Ian D.(2016), "Cyber-Victimization And Delinquency: A General Strain Perspective". Graduate Student Theses, Dissertations, & Professional Papers. 10715. https://scholarworks.umt.edu/etd/10715

Hillyard, P. Pnatazis, C. Tombs, S. and Gordon, D. (2004). “Beyond Criminology: Taking Harm Seriously,” Pluto, London

Ian John Stewart, Andrea Viski, Jonathan Brewer. (2020). Combating the financing of proliferation: challenges and new tools. Journal of Financial Crime, 45-75.

Internet | Description, History, & Facts | Britannica. (n.d.). Retrieved January 21, 2021, from https://www.britannica.com/technology/Internet

Jahankhani, H. (2013). Developing a model to reduce and/or prevent cybercrime victimization among the user individuals. In: B. Akhgar & S. Yates (Eds.), Strategic intelligence man- agement: National security imperatives and information and communications technologies. Butterworth-Heinemann.

Jude Hemanth, Jasleen Kaur Sethi, Lalit Mohan Goyal and Mamta Mittal. (2019). Monitoring the Impact of Economic Crisis on Crime in India Using Machine Learning. Comutational Economics, 35-56.

Kancharla, B. (2020): “ In 5 years more than fourfold increase in the number of pending cyber crime cases, Factly. Retrieved from: https://factly.in/in-5-years-more-than-fourfold-increase-in-the-number-of-pending-cyber-crime-cases-in-courts-the-police/#:~:text=The%20number%20of%20convictions%20in%20cyber%2Dcrime%20cases%20in%202018,year%20period%20of%202014%2D18

Karuppannan, Jaishankar. (2008). Space Transition Theory of Cyber Crimes.

Law Commission Report, 29th

Mshana J.A (n.d.), Cybercrime: An Empirical Study of its impact in the society

Omar, Zakariye & Ibrahim, Jamaluddin. (2020). An Overview of Darknet, Rise and Challenges and Its Assumptions. International Journal of Computer Science and Information Technology. Vol. 8. 110-116.

Pearce, F. and Tombs, S. (1998). “Toxic Capitalism: Corporate Crime and the Chemical Industry”, Ashgate, Aldershot

PWC firm. (2014). Economic crime:a threat to business processes. Antwerp: Economic Crime Survey.

Reurink Arjan (2016). “Financial Fraud: A Literature Review”, Max Planck Institute for the Study of Societies, Cologne

Ronald V. Clarke (2005). Seven misconceptions of situational crime prevention from: Handbook of Crime Prevention and Community Safety Routledge

S Prabakaran and Shilpa Mitra. (2018). Survey of Analysis of Crime Detection Techniques Using Data Mining and Machine Learning. Journal of Physics: Conference Series, 1-11.

Saxena, P. and Lata, S. (2016). The Darknet: An Enormous Black box of Cyberspace, Bharati Law Review. Retrieved from: http://docs.manupatra.in/newsline/articles/Upload/77A1EB6C-71A0-4899-90EE-5776E7F458D1.pdf

Slapper, G. and Tombs, S. (1999). “Corporate Crime”, Longman, Harlow

Sundaresh Menon Teo Guan Siew, (2012)."Key challenges in tackling economic and cyber crimes", Journal of Money Laundering Control, Vol. 15 Iss 3 pp. 243 - 256

Sunner, C. (1994). “The Sociology of Deviance: An Obituary”, Open University Press, Buckingham

Sutherland, E. (1949). “White Collar Crime”, Holt, Rinehart and Winston, New York

Sutherland, E. (1937). “ The Professional Theft”, University of Chicago Press, Chicago

Taylor, I. (1999). “Crime in Context: A Critical Criminology of Market Societies”, Polity, Cambridge

Thomas, D. and Loader, B.D. (eds) (2000). “Cybercrime: Law Enforcement, Security and Surveillance in the Information Age”, Routledge, London

Tombs, S. and Whyte, D. (edt.) (2003). “Unmasking the Crimes of the Powerful: Scrutinizing States and Corporation”, Peter Lang, New York

Tombs, S. and Whyte, D. (edt.) (2003). “Unmasking the Crimes of the Powerful: Scrutinizing States and Corporation”, Peter Lang, New York

Vann, I.B. and Garson G.D. (2001). “Crime Mapping and its Extension to Social Science Analysis”, Social Science Computer Review, Vol 19 (4), pp. 471-09

Walton, P. and Young J. (1997). “The New Criminology”, revised, Macmillan, Basingstoke

Wayne Morrison (1995). “Theoretical Criminology” Routledge

What is Artificial Intelligence – AI Definition & Application. (n.d.). Retrieved January 21, 2021, from https://intellipaat.com/blog/what-is-artificial-intelligence/

White, R. and Sutton, A. (1995). “Crime Prevention Urban Space and Social Exclusion”, Journal of Sociology, 31 (1), pp. 82-99

William C. Cunningham, Philip J. Gross and Hugh Nugent (1978). Economic Crime. Virginia: U.S Department of Justice.

Wortley Richard, Aiden S. Nick Tilley and G. Laycock (2019). “Routledge Handbook of Crime Science”, Routledge

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