Here we are going to explain what is punishable offence in this section is and how much has imprisonment or fine under section 418.
Cheating with knowledge that wrongful loss may ensue to person whose interest offender is bound to protect:
In this section states that whoever cheats with the knowledge that he is likely thereby to cause wrongful loss to a person whose interest in the transaction to which the cheating relates, he was bound either by law, or by legal contract, to protect, shall be punished with imprisonment of either description for a term which may extend to three years, or with fine, or with both.
Offence: Cheating a person whose interest the offender was bound, either by law or by legal contract, to protect
Punishment: 3 Years or Fine or Both
This is a Bailable, Non-Cognizable offence and Triable by Any Magistrate
Offence is Compoundable by: The person cheated, with the permission of the Court