1) Health Care fraud
Health care fraud is not a victimless crime. It affects everyone – individuals and businesses alike and causes tens of billions of dollars in losses each year. It can raise health insurance premiums, expose you to unnecessary medical procedures and increase taxes. Health care fraud can be committed by medical providers, patients and others who intentionally deceive the health care system to receive unlawful benefits or payments. The ED/CBI and Special Financial Fraud Investigating body are the primary agency for investigating health care fraud , for both federal and private insurance programs.
2) Corporate fraud
As the lead agency investigating corporate fraud, the Investigating body focuses its efforts on cases that involve accounting schemes and self-dealing by corporate executives as well as obstruction of justice. The corporate fraud investigations primarily focus on
- a) Falsification of financial information : False accounting and misrepresentations of financial conditions. Fraudulent trades designed to inflate profits or conceal losses.Illicit transactions designed to escape regulatory oversight
- b) Self dealing by corporate insiders.
insider trading- Kickbacks
- Misuse of corporate property for personal gain
- Violation of individual taxes related to self dealing.
3) Money Laundering
Money laundering is a famous white collar crime which is a threat to society. It means turning dirty money clean by making it look like money came from legitimate resources but in reality such money came from crime.
- Money laundering gives permissions to criminals
- A) Hide and accumulate wealth
- B) Avoid prosecution
- C) Avoid taxes
- D) Increase profits through reinvestment
- E) Fund further criminal activity.
The Investigating body for White Collar Crime focuses its efforts on money laundering facilitation – targeting professional money launderers, key facilitators, gatekeepers , and complicit financial institutions among others.
- Criminals who engage in money laundering derive their proceeds through :
- a) Complex financial crimes.
- b) Health care fraud
- c) Human Trafficking
- d) International and domestic Public Corruption
- e) Narcotics Trafficking
- f) Terrorism
- Criminals use a number of tools to launder money, including :
- · Financial institutions
- · International trade
- · Precious metals
- · Real estate
- · Third party service providers.
- · Virtual currency
There are three steps in the money laundering process – placement lawyering and integration:
A) Placement is the criminal entering money into the financial system.
B) Layering is the most difficult process and its main focus is to move money internationally. Layering means separating the criminal’s money from the original source and creates a complex audit trail through a series of financial transactions.
C) Integration comes into picture when the criminal’s proceeds are returned to them from what appear to be legitimate sources. The Investigating body regularly makes contact with other law enforcement agencies , international partners, and industry for detecting and stopping money laundering,
4) Securities and commodities fraud.
- Creation of complex investment vehicles and the rapid increase in the amount of money being invested have created greater opportunities for individuals and businesses to create fraudulent investment schemes.
- To investigate and help prevent fraudulent activity in the financial markets, the bureau works closely with various government and private organizations in order to investigate securities and commodities fraud.
5) Mortgage and financial institution fraud.
- Financial institution fraud happens when criminals target banks, credit unions and other financial institutions. Many schemes involve compromising customers account or personal information. Stealing and misapplication of funds are two common financial institution fraud crimes in investigations. Sometimes ,fraud can be severe enough to cause the failure of a bank or credit union.
- Mortgage fraud happens when someone lies to influence a bank’s mortgage decision or if a distressed homeowner is the victim of a fraud.
6) Intellectual Property Theft/Piracy
Intellectual property theft includes robbing people or companies of their ideas, inventions, and creative expressions—known as intellectual property. This can include everything from trade secrets to proprietary products to movies, music, and software.
Intellectual property theft costs Indian businesses billions each year.
The intellectual property investigations focus on the theft of trade secrets and copyright infringement on products that can impact people's health and safety, like counterfeit parts for cars and electronics. The Investigating agencies works with partners in the private sector and other law enforcement agencies at all levels to investigate these cases.
Similarly, economic espionage costs the American economy hundreds of billions of dollars per year and puts our national security at risk. In these cases, foreign competitors deliberately target economic intelligence in advanced technologies and successful in Indian industries.
I would like to say this thing that white collars crime are threat to society and all the persons who are in a position of authority use their powers to commit crimes so such crimes should be stopped immediately and reported to society.