deposit taker who accepts deposits in contravention of section 3 and fraudulently defaults in repayment of such deposits or in rendering any specified service, shall ... Deposit Scheme. Explanation. - For the purposes of this Act, - (i) the expression "fraudulently" shall have the same meaning as assigned to it in section
Section 4 in Banning of Unregulated Deposit Schemes Act, 2019
4. Fraudulent default in Regulated Deposit Schemes.
- No deposit taker, while accepting deposits pursuant ... Regulated Deposit Scheme, shall commit any fraudulent default in the repayment or return of deposit on maturity or in rendering any specified service promised against
three times the amount of profits made out of the fraudulent default referred to in said section, whichever is higher, or with both
creates an offence in respect of a fraudulent default in the repayment of a deposit on maturity and provides for imprisonment upto six years ... fine. Section 3 is as follows :
"3. Fraudulent default by Financial Establishment. - Any Financial Establishment, which fraudulently defaults any repayment of deposit on maturity
submit that the petitioner has committed offence of cheating, forgery
and fraudulent default as per the materials collected by the
prosecution, which prima-facie establishes ... whether petitioner's act will fall
within the definition of fraudulent default to attract provisions of
Section
MPID Act read as under:
"3. Fraudulent default by Financial Establishment - Any Financial Establishment, which fraudulently defaults any repayment of deposit on maturity along ... disputed that the deficiencies attributed to the opposite party constitutes fraudulent default by a Financial Establishment within the meaning of the aforesaid Act and therefore
taker, who is running a Regulated
deposit scheme and commit any fraudulent default in the
repayment or return of deposit on maturity or in rendering ... acts of deposit
taker of Regulated Deposit Scheme punishable, who commits
fraudulent default in the repayment or return of deposit on
maturity or in rendering
taker, who is running a Regulated
deposit scheme and commit any fraudulent default in the
repayment or return of deposit on maturity or in rendering ... acts of deposit
taker of Regulated Deposit Scheme punishable, who commits
fraudulent default in the repayment or return of deposit on
maturity or in rendering
Section 3 of TPID Act provides as under:-
"Conviction for Fraudulent default-
3. Any Financial Establishment which (i) fraudulently defaults any
repayment of deposit ... same when needed, shall be deemed to
have committed a default fraudulently or Failed to render specific
service fraudulently.
15. Section 406 of IPC prescribes
offence can be said to be committed when the Financial
Establishment fraudulently defaults in repayment of
deposit on maturity along with any benefit ... Section 3 of the Act of 1999 reads as follows :-
3. Fraudulent default by Financial
Establishment
Any Financial Establishment, which
fraudulently defaults any repayment
