Question

what are two major laws used to prosecute fraud?

provide examples of their utilization

Answer 1

Fraud means intentional deception to earn unlawful gain of something

Fraud can be prosecute through fines,probation,imprisonment,restitution etc

1-FINES

These are the amounts charged against someone who commits fraud.The amount of fine depends upon the fraud and person engaged into fraud.

2-IMPRISONMENT

Someone committed any fraudulent activity will get into prison. The no of years of imprisonment may depends upon the nature of fraud and the criminal history of the person committed fraud. It may ranges from 06 months to 20 to 30 years.

example

if the auditor fraudulently inducing a person to invest money by dishonestly concealing the material facts, according to Indian companies act 1956, he will be imprisonment for a term upto 5 years or with fine upto rs 10000 or both