The version I recall seems to be to a different tune, but runs along similar lines - it begins

If I was a young man how angry I'd be
I'd make all the newspapers write about me

I'd find an old stocking and fill it with lead
And I'd bash an old lady on top of the head

If I was a young man I'd live a bad life
I'd wear narrow trousers and carry a knife

Which seems to date from the fifties and the teddy boy era. There are several songs I know which are about crime and punishment - She loved a Portuguese for instance. The whole point is that they aren't about getting away with it - they are about the punishment to be expected when crimes are committed.