Interview With Advocate Priya Indra, Prasanna Behara & Associates On White Collar Crime By Saubhagya Tibrewal

SAUBHAGYA TIBREWAL: Who Investigates White Collar Crime?

ADV. PRIYA INDRA: There are numerous agencies who devote resources to investigating white collar crime; none are really in charge of monitoring and protecting against white collar crimes, but each has a role to play. Almost every federal agency has some role or unit that is dedicated to the enforcement of civil or criminal violations. State and local police agencies, state regulatory agencies, and even private sector actors, also have a significant role. From investigating fraud in obtaining drivers licenses to the theft of thousands of dollars by an employee to identifying suspicious activity and reporting it, the issues of fraud and embezzlement across the globe are occurring every day in nearly every geographic location. The bottom line is that everyone has a role to play. Whether it is identification, prevention, investigation, prosecution, or recovery, it is all important because each part puts another piece of the puzzle together.

SAUBHAGYA TIBREWAL: Is White Collar Crime a Victimless Crime?

ADV. PRIYA INDRA: White collar crime is a significant issue for everyone; it is not a victimless crime. It has a profound impact on everyone, not just the victims directly, but for all consumers and taxpayers in the form of higher costs, larger insurance premiums, payments, fees, taxes, etc. It also degrades the trust that is so essential in both the public arena and the marketplace. The energy that anti-fraud and criminal justice professionals devote to the detection and prosecution of such deviant financial behaviour can have wide-ranging and positive impacts, in terms of lessened losses, higher stop rates, and earlier detection. 

SAUBHAGYA TIBREWAL: What Can Be Done to Prevent White Collar Crime?

ADV. PRIYA INDRA: Education is probably the first and most important step. Knowing what signs to look for, and how to confront these issues, is the best defense. Internal controls are important, and having strong procedures in place can help too. Business owners can also take steps to conduct background investigations on employees, with their consent and in accordance with applicable legal standards, to ensure they are not hiring someone who has committed fraud in a prior employment. Unfortunately, this does happen and the consequences are incredibly harmful.

SAUBHAGYA TIBREWAL: How Are White Collar Criminals Able to Get Away With It?

ADV. PRIYA INDRA: Trust often enables a fraudster to start their theft or embezzlement. Sometimes they work in small offices which require a lot of close relationships, sometimes they work for major corporations or public agencies, that bestow a great deal of trust in the position they hold. The breakdown of that trust when someone commits a fraud is often very troubling and leads to second- and third-order consequences. Businesses close, families break-apart, the public trust is eroded. All of these are problems and rip apart the fabric of the community that we all rely on.

SAUBHAGYA TIBREWAL: What Careers are Available in the White Collar Crime Prevention or Investigative Field?

ADV. PRIYA INDRA: White-collar crime has a host of different career opportunities, in both the public and the private sector. Ranging from intelligence analysts at state police agencies tracking different fraud schemes, to anti-money laundering specialists at banks, to the special agents across government agencies, white-collar crime investigators, analysts, auditors, and regulators are all great career choices. It is a high-paced world that often combines digital forensics, forensic accounting, complex investigative skills, psychology, and people skills. The stories are endless, and if the news is any indication, not going away any time soon.