Provision

Whoever cheats and thereby dishonestly induces the person deceived to deliver any property to any person, or to make, alter or destroy the whole or any part of a valuable security, or anything which is signed or sealed, and which is capable of being converted into a valuable security, shall be punished with imprisonment of either description for a term which may extend to seven years, and shall also be liable to fine.


Simply put

It says that whoever cheats and thereby dishonestly induces the person so deceived to either deliver any property to any person, or to make, alter or destroy the whole valuable security or any part of a valuable security, or anything which is signed or sealed, and which is capable of being converted into a valuable security, shall be punished with simple or rigorous imprisonment for a term extending up to seven years, and shall also be liable to fine.



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