Commercial Crimes

Commercial Crimes:

Financial, economic, or corporate crime, usually involving Fraud and theft,that is often carried out by sophisticated means. The result is usually economic loss for businesses, investors, and those affected by the actions of the perpetrator.

White-collar crime is a broad term that encompasses many types of nonviolent criminal offenses involving fraud and illegal financial transactions. White-collar crimes include bank fraud, Bribery, blackmail, counterfeiting, Embezzlement, forgery, insider trading, money laundering, tax evasion, and antitrust violations.

Different type of Commercial Crimes:

 

1.    Bank Fraud: Bank fraud is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution.

2.      Commercial Bribery: Commercial bribery is a form of bribery which involves corrupt dealing with the agents or employees of potential buyers to secure an advantage over business competitors. It is a form of corruption which does not necessarily involve government personnel or facilities.

One common type of commercial bribery is the kickback (A kickback is a form of negotiated bribery in which a commission is paid to the bribe-taker). For example, a seller of goods or services from "Company A" who offers the purchasing manager of "Company B" a payment to his own account to help him secure a contract for Company B's continued business is engaging in a form of commercial bribery.

3.       Counterfeiting: To counterfeit means to imitate something. Counterfeit products are fake replicas of the real product. Counterfeit products are often produced with the intent to take advantage of the superior value of the imitated product.

4.       Embezzlement: Embezzlement is an act of dishonestly withholding assets for the purpose of conversion (theft) of such assets, by one or more persons to whom the assets were entrusted, either to be held or to be used for specific purposes.

5.       Insider trading: Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) by individuals with access to nonpublic information about the company. In various countries, trading based on insider information is illegal.

6.       Tax evasion: Tax evasion is the illegal evasion of taxes by individuals,corporations, and trusts. Tax evasion often entails taxpayers deliberately misrepresenting the true state of their affairs to the tax authorities to reduce their tax liability and includes dishonest tax reporting, such as declaring less income, profits or gains than the amounts actually earned, or overstating deductions.