Readers may agree with my supposition that the current financial misfortune of Bangladesh is largely caused by white-collar crimes. Edwin Sutherland, a US sociologist who coined this terminology, defined white-collar crime as "a crime committed by a person of respectability and high social status in the course of his occupation".

In Bangladesh, we fail to isolate white-collar crimes from ordinary deceptions, because it is not clearly defined in our legal system. A fair guideline can be obtained from the US Department of Justice definition, which articulates: "White-collar offences shall constitute those classes of non-violent illegal activities which principally involve traditional notions of deceit, deception, concealment, manipulation, breach of trust, subterfuge or illegal circumvention".

When this crime has caused so much misery in our society, it is pertinent to ask: a) why do socially established people in Bangladesh commit white-collar crimes and b) whether these crimes can be prevented in the coming days.

Regarding the first question, it is commonly understood that white-collar crimes thrive in a modern complex economic system where there is money, trust, greed and opportunity. Bangladeshi politicians created opportunities for a few in the name of progress and development. Contractual trust, which is a basis for all monetary transactions, was widely flouted. Thereby, paving the way for deception and financial scams to surpass all bounds.

The second issue is the prevention of white-collar crime. We need a robust legal framework and institution comparable to the Serious Fraud Office of the UK. Simultaneously, we need to inculcate basic moral precepts. Consider how honesty is being routinely touted in religious sermons, political meetings and civil society in Bangladesh. Yet we do not find their reflection in private morality and public policies. This gives rise to the question of whether our families and society inculcate the moral foundation in the right earnest.

Truly speaking, white-collar crimes cannot be eliminated but can be prevented. With the happening of each financial crime, Western societies make appropriate legal reforms to prevent reoccurrence. Conversely, in our part of the world, white-collar crimes thrive through political patronage and social indifference.

Trivial phrases like "all men are created equal" or George Washington's inaugural speech where he said "there is an enduring union between virtue and happiness" are some of the precepts of American moral beliefs and behaviour.

Secular Western societies derive their public policy from private morality. The stigma of being labelled as a fraudster is a disgrace in the Western world. There is a common saying in the Western world that one could get away with murder, but not with a white-collar crime. In support of this notion, let me cite examples:

During the 1990s, Robert Maxwell, the UK-based media mogul embezzled employees' pension fund. Upon detection, he faced public outrage. Then he died a mysterious death, widely believed to be a suicide out of shame. Likewise, Bernie Madoff, the stockbroker and once Chairman of NASDAQ, who fleeced many people and devastated many lives, when brought to justice, received a 150-year prison sentence and later died in remorse and shame.

Please do not get me wrong. I am citing the Western precepts and examples in order to bring home the truism that any society in the pursuit of ethically run institutions must build a moral premise first. For example, if we need justice in a community, we have to put in place a just society. Only then societies can produce benevolent people.

History demonstrates that public sentiments towards any common cause can create invincible people's power. Perhaps the July 2024 Bangladesh Revolution brings home some hope of transforming the society.

The author is a former banker