Law enforcement officials in Delhi uncovered fraud worth at least $220 million in 2010
NEW DELHI (TrustLaw) - Police in India's capital say white-collar crime has surged, with fraudsters siphoning off funds and grabbing land worth a hundred times more than the value of all goods stolen in burglaries and robberies, the Hindustan Times reported on Friday.
Vivek Gogia, deputy commissioner for the police force's economic offences wing, said fraud worth at least $220 million was detected last year by law enforcement authorities in the city.
"Blue-collar crime may be traditional but we have witnessed a sudden surge in white-collar crime, especially property and bank fraud, in the last two years," Gogia was quoted as saying.
"Properties and bank accounts of defrauders amounting to more than 1,000 crore were seized in 2010," he added, speaking at New Delhi police's annual press conference. (One crore = 10 mln rupees)
Police officials cited the example of criminals who worked in banks and defrauded the elderly by forging signatures and documents.
The newspaper said white-collar criminals in Delhi could amass fortunes in just a few days equivalent to the value of all items stolen in the city in an entire year. All they needed was a couple of fake documents and in most cases one forged signature.
The proceeds of just three or four frauds in Delhi would be equivalent to the value of all the cars stolen in the city in a year, police added.
"If a gang of five boys risks their respective lives to rob a bank or steal a car in the city, they would manage to get away with the minutest fraction of what white-collar criminals can accomplish with just one stroke of their pens," Gogia added.
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