M.b.nagarkar & Corporation

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The dictionary meaning of the term crime is an act against the law, a wicked act wrong doing, sin " A person who commits a crime is called criminal, Normally when we think about a criminal, a imaginary picture of a thief, burglary, robber, murderer etc appears before our eyes. White-collar crime is much wider term and may include large number of socio economic offences. We being part of the insurance industry are more concerned with the white-collar crimes, which are covered in various insurance policies. We are concerned with white collar crimes like forgery, misappropriation & embezzlement of
stock or money by the employee's theft by employees, misutilization of lost or stolen credit cards etc. such white collar crimes claims are on rise now a days.

Occupational offences are normally taken care under Fidelity Guarantee Insurance Policies. While scrutinizing such claim, when we try to go to the root cause of the incidence, we notice that in efficient supervisory controls, inadequate internal administrative controls, contribute to the loss. Too much confidence on an employee handling sensitive portfolios like finance, sales etc. may induce him to commit misappropriation or fraud. Sudden rise in the standard of living of the employee,too much sincerity shown by the employee, and feed back from staff & customers are some of the symptoms of occupational offences to which a good administrator should not overlook Under Banker's Indemnity Insurance claim we come across cases of forgery or alterations, which another type of white-collar crime. Under forgery a person prepares and makes signature of another person in such documents, and on the basis of such a document, he embezzles the money. A forger may forge signature of another customer or even that of the bank official/s. Many times it takes long time to detect such
losses.
In banks many times the work is carried out in good faith slight variations in signatures may not come to the notice of the passing officer. In case of chemical alterations on the DD's or cheques , if change is visible to naked eyes then cognizance is taken & the passing officer may go in to deep to check the authenticity of the said instrument But when such alteration is not visible to naked eyes then job of the passing officer becomes more difficult. Ultra violet ray machines are provided to thebankers but hardly they are used because the officer has to pass large number of instruments within a short time. Bankers Indemnify policy excludes the losses which are resulted due to negligent act of bank employees
A more recent type of white-collar crime on rise now a days is misutilisation of credit cards. We will deal with this topic in a separate article.

Clientele

The New India Assurance co. Ltd.
National Insurance Company Ltd.
Oriental Insurance Company Ltd.
United India Insurance Ltd.
Bajaj Allianz General Insurance Ltd.
Royal Sundaram Alliance Insurance Ltd.
IFFCO Tokio General Insurance Co.Ltd.

	Fact Sheet Year of Establishment : 1982 Nature of Business : Service Provider Major Markets : Indian Subcontinent

Contact Details

Company Name: M.b.nagarkar & Corporation Contact Person: Mr. Manager Telephone: +(91)-(20)-25392759 / 25395529 Mobile / Cell Phone: +(91)-9822014380 Fax No: +(91)-(20)-25395529 Address: No. 2,oriental Apartments, Dahanukar Colony, Lane No:2 Kothrud, Pune, Maharashtra - 411 038 (India)