Economic Offences Under IPC: Challenges And Legal Evolution

Introduction

Economic offences have become increasingly prominent in recent years, with high-profile cases like those of Vijay Mallya and Nirav Modi bringing attention to the significant damage such crimes can inflict on a nation's financial health. Unlike conventional crimes, which typically affect individuals or small or specific groups, economic offences have far-reaching consequences that threaten the stability of the national economy and undermine public trust in financial systems.

The rise of economic offences in India can be traced back to post-World War II when the scarcity of essential commodities led to exploitative practices by opportunistic businesses. After India's independence, weak legal and administrative controls exacerbated these challenges. The 29th and 47th reports from the Law Commission of India have addressed these issues. In 1964, the Santhanam Committee specifically recommended the inclusion of a new chapter on social and economic