Provision

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.


Simply put

This section punishes such cases of cheating where the offender knows that wrongful loss to such a person may ensue whose interest he is bound to protect. It states that whoever cheats with the knowledge that he is thereby likely to cause wrongful loss to such a person whose interest in the transaction to which the cheating relates, he was bound, either by law or by a legal contract, to protect, shall be punished with simple or rigorous imprisonment for a term extending up to three years, or with fine, or with both.



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