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 a 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.
CLASSIFICATION OF OFFENCE
Punishment-Imprisonment for 3 years, or fine, or both-Non-cognizable-Bailable-Triable by any Magistrate-Compoundable by the person cheated with the permission of the court.
