hi
I am copy- pasting the referred sec. of IPC for your perusal:
420. Cheating and dishonestly inducing delivery of property —
Whoever cheats and thereby dishonestly induces the person deceived to deliver any property to any person, or to make, alter or destroy the whole or any part of a valuable security, or anything which is signed or sealed, and which is capable of being converted into a valuable security, shall be punished with imprisonment of either descripttion for a term which may extend to seven years, and shall also be liable to fine.
CLASSIFICATION OF OFFENCE
Punishment—Imprisonment for 7 years and fine—Cognizable—Non-bailable—Triable by Magistrate of the first class—Compoundable by the person cheated with the permission of the court.
417. Punishment for cheating —
Whoever cheats shall be punished with imprisonment of either descripttion for a term which may extend to one year, or with fine, or with both.
CLASSIFICATION OF OFFENCE
Punishment—Imprisonment for 1 year, or fine, or both—Non-cognizable—Bailable—Triable by any Magistrate—Compoundable by the person cheated with the permission of the court.
regards,
Shafiq