The educated criminal is the most dangerous kind. — John G. Diefenbaker
Wharton dropout Nirav Modi embezzled ₹6,498 crore from the Punjab National Bank through fake documentation. Former ICICI Bank CEO Chanda Kochhar was arrested for misusing ₹1,700 crore for personal gain. Yes Bank’s Rana Kapoor spent four years in prison for bank fraud.
These incidents illustrate white-collar crimes—financially motivated offences by educated individuals in positions of trust. Such crimes encompass deceit, hiding information and violating trust through activities like fraud, money laundering, cybercrime and insider trading. White-collar criminals know the potential consequences, and are often driven by greed. Alarmingly, the National Bar Association reports a 15 per cent annual increase in white-collar crimes in India.
Society views modern managers as savvy, affluent and impressive. For many Indian families, b-school is the ticket to this lifestyle. MBA graduates from top schools join a privileged class, shouldering major responsibilities and earning hefty paychecks. White-collar crime happens when graduates misuse their education. The relentless focus on profit creates immense pressure and opportunities for quick, unethical gains. This leads to financial traps that can ruin both themselves and others.
This story is from the November 17, 2024 edition of THE WEEK India.
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This story is from the November 17, 2024 edition of THE WEEK India.
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