Punishments against financial fraud in India - Insaaf99 call now 8800110989
In India, financial fraud is a serious offense with stringent punishments under various laws. Some key provisions include:
Indian Penal Code (IPC), 1860:
Section 420 (Cheating and Dishonestly Inducing Delivery of Property): Punishable by imprisonment of up to 7 years and a fine.
The Prevention of Corruption Act, 1988:
Punishes public servants involved in financial misappropriation or fraud, with imprisonment ranging from 3 to 7 years and fines.
The Companies Act, 2013:
Under Section 447, any person found guilty of committing fraud related to a company can face imprisonment for 6 months to 10 years, along with hefty fines.
The Negotiable Instruments Act, 1881 (Cheque Bounce Cases):
Section 138 prescribes a punishment of up to 2 years imprisonment or a fine, or both, for financial fraud involving dishonored cheques.
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