Indian Penal Code 1860
Of Fraudulent Deeds and Dispositions of Property :
Section 421 :
Dishonest or fraudulent removal or concealment of property to prevent distribution among creditors:
(See section 320 of BNS 2023)
Classification of Offence:
Offence: Fraudulent removal or concealment of property, etc., to prevent distribution among creditors.
Punishment : Imprisonment for 2 years, or fine, or both.
Cognizable or Non-cognizable :Non-cognizable
Bailable or Non-bailable : Bailable.
Compoundable or Non-compoundable : The creditors who are affected thereby.
By Which Court Triable :Any Magistrate
————–
Whoever dishonestly or fraudulently removes, conceals or delivers to any person, or transfer or causes to be transferred to any person, without adequate consideration, any property, intending thereby to prevent, or knowing it to be likely that he will thereby prevent, the distribution of that property according to law among his creditors or the creditors of any other person, shall be punished with imprisonment of either description for a term which may extend to two years, or with fine, or with both.
