Wednesday, 26 January 2022

Embezzlement by kanishq dhas

 Embezzlement or theft of public funds through abuse of power is a strictly punishable crime. It is enough for the court to sack an employee for criminal intention or mens rea, it is rightfully justified in such case as nobody embezzles without the knowledge of what he is doing is immoral and illegal. Embezzlement under the IPC includes criminal breach of trust and dishonest misappropriation of property. The person entrusted with such property should have either dishonestly misappropriated or converted to his own use the property concerned, or have used and disposed of that property in violation of law.

    Embezzlement is a crime but it isn’t specifically mentioned under the IPC as such. Instead it comes under criminal misappropriation, Section 403 and section 404 of the Indian Penal Code, 1860 deals with the provision related to criminal misappropriation of property. Section 403 of the Indian Penal Code talks about the Dishonest misappropriation and the prescribed punishment under this offense while Section 404 of the Indian Penal Code deals with the provision related to criminal misappropriation of a deceased person’s property. 

Under Section 403 of the Indian Penal Code, when a person dishonestly misappropriated or uses the property of another person to satisfy his own purpose or to capitalize it for one’s own use, has committed the offense of criminal misappropriation, shall be punished with imprisonment for not less than a term that may extend to 2 years or with fine or maybe with both, provided that the property is movable in nature. 

     Statutes governing the act of embezzlement vary across the globe but these 4 elements of the act stay constant in every part of the world. (1) the property must belong to a person other than the accused, such as an employer or principal; (2) the property must be converted subsequent to the defendant’s original and lawful possession of it; (3) the defendant must be in a position of trust, so that the property is held by him or her pursuant to some fiduciary duty; and (4) the defendant must have an intent to defraud the owner at the time of the conversion. Section 420 in the Indian Penal Code deals with Cheating and dishonestly inducing delivery of property. The maximum punishment which can be awarded under this section is imprisonment for a term of 7 year and fine. 

In other countries the outlook on embezzlement is different and it can amount to either a misdemeanour or a full on criminal misappropriation. For example In Penal Code 503 PC, California law defines embezzlement as unlawfully taking property that has been entrusted to you, with the intent of depriving the rightful owner of the use of the property. Embezzlement can be charged as a felony if the value of the property is greater than $950.00. Otherwise, it can only be charged as a misdemeanour. A cashier at Walmart pockets some cash from the cash register for her own use. The treasurer of a neighbourhood sports club takes some money out of the club’s bank account for his personal use. An investor takes some of his client’s money to pay off a gambling debt. Embezzling money or property valued at $950 or less is a misdemeanour punishable by up to 6 months in county jail. Embezzlement greater than $950 can be charged as a felony, which carries a sentence of up to 3 years in custody.

 

 

     

 

 


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