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Report No. 156

Chapter V

Financial Scam

13.08. 1. Recently, various sort of financial scams in various fields like banks, hospitals, non-financial institutions involving crores of rupees have surfaced. We are of the view that this problem can be tackled* if the following new section, namely, section 120BB is inserted in the I.P.C.:

"120BB. Criminal conspiracy to defraud public institution, etc.-When two or more persons agree to defraud a public institution or a local authority, fraudulently or dishonestly, to cause, or cause to be done, wrongful gain to themselves or to any person, or to cause or cause to be done, wrongful loss to such public institution or local authority, such an agreement is designated a criminal conspiracy to defraud and whoever is a party to such criminal conspiracy shall be punished with imprisonment for life or with imprisonment of either description for a term which may extend to ten years, and shall also be liable to fine:

Provided that no agreement shall amount to a criminal conspiracy to defraud unless some act besides the agreement is done by one or more parties to such agreement In furtherance thereof.

Explanation.-Any bank or financial organisation or company or body or body corporate, which is owned or controlled by the Government, shall be deemed to be a 'public Institution for the purposes of this section".

(Para. 5.06)

The Indian Penal Code Back

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