Financial Crimes Lab
(The laboratory is affiliated with the Centre for Criminology & Forensic Studies)
BACKGROUND: The number of reported economic offences in 2019 was 165,000, a growth of 6.1% over the 2018 number. This is the highest annual growth in the number of economic offences since 2014. These crimes grew at double-digit rates in 2013 and 2014. In 2019, police investigation was pending in 54.6% of the cases related to economic offences, compared to 29.3% of all cases registered under the Indian Penal Code (IPC). This comparison of economic offences with other crimes in India shows that the criminal justice system is less capable when it comes to dealing with financial crimes. The increasing number of economic offences along with fewer arrests and poor conviction rate could encourage unscrupulous elements to indulge in more such activities. This will entail growing losses to both private and public wealth and erode India’s image as a rules-based economy. This is largely because of the lacking awareness about the white-collar crimes and the unrecognition of it as a ‘serious crime’.
WHAT WE DO:
1) Academic Research & Publication: Opportunity to Student Members under the guidance of the faculty co-ordinators to conduct in-depth research on various aspects of financial crime. Publication of various research articles & introduction of FinCrime Blog through which we would be accepting opinion articles, case analysis and other written pieces. The lab would focus on:
- A deep dive into the historical financial scams in India and dissection of their modus operandi: We would focus on critically analysing various domestic and international financial crime case studies that have changed the paradigm of this field.
- Discussion forums: Through the blog, we would be organising monthly discussion forum to discuss a ‘featured article’ of the month. The author of the article would be given an opportunity to present his/her/their paper and the readers can indulge in intellectually stimulating discussions on it.
- Weekly digests: We would update any new developments in financial criminology/ white-collar crime on a weekly basis.
2) Introduction of the webinar/seminar series/conferences: To encourage discussions on the most recent developments in this area, we would be conducting webinars/lectures/conferences by collaborating with renowned experts in financial criminology and other relevant areas.
3) Fortnightly mini-classes to improve financial literacy on topics including a) designing a spending plan b) budgeting c) saving and planning for common homeownership expenses etc. d) how to lookout and beware of various types of scams (phishing, through social media etc.) for university workers and community members around the University.
4) Analysis & Consultancy Services: Collaboration with various organizations and institutions to undertake consultancy in analysis and detection of financial crime.