• (a)being entrusted either solely or jointly with any other person with any power of attorney for the sale or transfer of any property, fraudulently sells, transfers, or otherwise converts the property or any part of it to his or her own use or benefit, or the use or benefit of any person other than the person by whom he or she was entrusted; or
• (b)being a director, member or officer of any company or other body incorporated by or under the provisions of any Act, fraudulently takes or applies for his or her own use or benefit, or for any use or purposes other than the use or purposes of such company or other body, any of the property of the company or other body; or
• (c)
  • (i)being entrusted either solely or jointly with any other person with any property in order that he or she may retain in safe custody or apply, pay, or deliver, for any purpose or to any person, the property or any part of it or any proceeds from it; or
  • (ii)having either solely or jointly with any other person received any property for or on account of any other person—

fraudulently converts to his or her own use or benefit, or the use or benefit of any other person, the property or any part of it, or any proceeds from it.

Penalty — Imprisonment for 7 years.