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of <h1>Section 447: Tough Penalties for Corporate Fraud, Including Jail Time and Heavy Fines, Based on Fraud Amount and Impact.</h1> Section 447 of the Companies Act, 2013, outlines the punishment for fraud involving at least ten lakh rupees or one percent of a company's turnover, whichever is lower. Offenders face imprisonment from six months to ten years and a fine ranging from the amount involved to three times that amount. If the fraud involves public interest, the minimum imprisonment is three years. For frauds involving less than ten lakh rupees or one percent of turnover, without public interest, the penalty is imprisonment up to five years, a fine up to fifty lakh rupees, or both. Fraud includes acts intended to deceive or gain undue advantage.
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