Coimbatore: "Economic crimes such as money laundering is a big threat to the integrity and sovereignty of the nation and also pose major hindrance to the economic development of the nation", said Supreme Court Justice, Indira Banerjee in Coimbatore.
Coimbatore: "Economic crimes such as money laundering is a big threat to the integrity and sovereignty of the nation and also pose major hindrance to the economic development of the nation", said Supreme Court Justice, Indira Banerjee in Coimbatore.
A two-day national conference on economic crimes and its dimensions was held at the State Judicial Academy in Race Course here in which Supreme Court Justice Indira Banerjee, Chief Justice of Madurai bench of Madras High Court Vijaya Kamalesh took part.
Speaking at the event, Chief Justice Indira Banerjee said, "Using government officials inappropriately to gain license and agreement, encroaching government lands, stock market fraud, black market, contamination, drug smuggling, insurance fraud has turned out into socio-economic offenses. Crimes done by people who were in power comes under ‘White Collar Crimes’. Though economic crimes are not defined, in 2014, around 24 types of economic offences were listed out among which tax evasion plays a major role".
"Judges should improve their knowledge on technology developments, as many of the financial frauds are being carried out through Computer technology", she added.
Earlier, Chief Justice of Madurai bench of Madras High Court Vijaya Kamalesh said, "Economic crimes are bigger threat than any other crimes which could affect the economy of the nation. Economic crimes will aid the criminals to carry out illegal business that could shatter the nation’s economy".
"This 2 day conference will held to handle the economic crimes which is carried out in different ways", he added.
More than 100 Judges across the country have participated in this two-day conference.