The top court judge Hima Kohli batted for using advanced technologies to prevent such crimes.
White-collar crimes present a formidable challenge to judicial and the economic systems, requiring a "multipronged and nuanced" approach, Supreme Court judge Justice Hima Kohli said on Wednesday.
The top court judge batted for using advanced technologies to prevent such crimes.
"Leveraging advanced technologies such as data analytics, artificial intelligence, and blockchain will enhance the ability to detect, investigate, and prosecute white-collar crimes, she said.
Justice Kohli was speaking on the topic of 'Second Discourse on Judicial Perspective on Economic Offences and Corporate Malfeasance' at an event organised by the Centre for Discourses in Criminal and Constitutional Jurisprudence.
"White-collar crime presents a formidable challenge to India's judicial and economic systems, necessitating a nuanced and comprehensive response. Fighting against this crime requires a multipronged approach.
"The judiciary, supported by robust legislative frameworks and dedicated institutional mechanisms, is pivotal in addressing these offences. Establishing specialised courts assisted by experts in financial and economic crimes is essential for timely and effective adjudication," she said.
Differentiating between traditional and white-collar crimes, she said traditional offences often stem from emotions like anger or revenge, and if cold-blooded, are meticulously planned and executed, sometimes with the help of those with previous criminal history.
"Conversely, white-collar crimes are driven by greed and are characterised by careful planning and execution by individuals with professional assistance. While white-collar crimes inflict reputational or financial damage and lead to substantial financial penalties when detected, traditional crimes result in physical harm and emotional damage," Justice Kohli said.
However, both types of crimes have a profound effect on the victims and the society at large, she added.
"Ensuring robust cyber security controls to address digital frauds, effective management of third-party risks and compliance culture in Financial Institutions is essential. Digital case management systems can streamline judicial processes, reduce delays and improve efficiency," she said. Continuous training and capacity building for law enforcement agencies, prosecutors, and judges are critical for staying ahead of the evolving curve of these crimes, she said.
"Strengthening these areas can help build a more resilient and transparent legal system that upholds justice and integrity, mitigate the impact of white-collar crime and foster a society where trust and accountability are paramount," she said.
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