INDIAN KANOON SECTION 418 IPC - Indian Penal Code - Cheating with knowledge that wrongful loss may ensue to person whose interest offender is bound to protect
Description
Whoever cheats with the knowledge that he is likely thereby to cause wrongful loss to a person whose interest in the transaction to which the cheating relates, he was bound either by law, or by legal contract, to protect, shall be punished with imprisonment of either description for a term which may extend to three years, or with fine, or with both.
Applicable Offences
Cheating a person whose interest the offender was bound, either by law or by legal contract, to protect Punishment - 3 Years or Fine or Both This is a Bailable, Non-Cognizable offence and triable by Any Magistrate
This offence is compoundable by The person cheated, with the permission of the Court .
1.If an offence is cognizable, police has the authority to arrest the accused without a warrant and to start an investigation with or without the permission of a court. Otherwise police does not have the authority to arrest the accused without a warrant and an investigation cannot be initiated without a court order.
2.If an offience is bailable, police has the authority to release the accused on bail on getting the defined surety amount along with a duly filled bail bond at the concerned police station. Otherwise arrested person has to apply for bail before a magistrate or court
3. If an offence is compoundable, a compromise can be done between the accused and the victim, and a trial can be avoided. Otherwise, No compromise is allowed between the accused and the victim except under certain situations, where the High Court or the Supreme Court have the authority for quashing a matter.
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