According to Pakistan Penal Code and Criminal Cases, when a person does a thing Fraudulently if he/she does that thing with intent to defraud but not otherwise.
Punishments of Fraudulently
Most criminal fraud offenses are considered felony crimes and are punishable by jail, fines, probation, or all of the above. Civil penalties may include restitution (paying the person back) or payment of substantial fines (geared to punish the behavior).
Types or Categories of Frauds
While there are many types of fraud, there are a select few that can cause the most damage.
- Financial Statement Fraud.
- Asset Misappropriation.
- Skimming of Cash and Cash Larceny.
- Misuse of Company Assets.
- Theft of Intellectual Property and Trade Secrets.
- Healthcare, Insurance and Banking.
- Consumer Fraud.
Major Types of Frauds in Banks
- Cheque Kiting.
- Forgery and Altered Cheques.
- Accounting Fraud.
- Rogue Traders.
- Fraudulent Loans.
- Fraudulent Loan Applications.
- Forged or Fraudulent Documents.
List of Frauds
- Payment fraud.
- Pension scams.
- Personnel management fraud.
- Phishing, vishing and smishing.
- Phoenix company fraud.
- Ponzi schemes.
- Premium rate phone line scams.
- Prime bank guarantee fraud.
Types of Frauds in Business
- Financial statement fraud.
- Asset misappropriation.
- Skimming of cash and cash larceny.
- Misuse of company assets.
- Theft of intellectual property and trade secrets.
- Healthcare, insurance and banking.
- Consumer fraud.
Examples of Fraud
There are lot of examples of Fraud in our society, where many variations on the fraudulent payment scam, but there’s a typical pattern: someone gives you money (via an electronic payment, check or money order) and then asks you to send cash in return. When it eventually becomes clear that the person’s story’s fake and their payment fraudulent, you are responsible for the money you sent them. Examples of this scam include:
World Famous Frauds
Former President Jeff Skilling is serving a 24 year sentence. New York money manager Bernard Madoff’s $65 billion Ponzi scheme, the largest fraud ever by an individual, was exposed in December 2008 when Madoff, now doing 150 years in prison, confessed to his sons.
Law Provisions of Fraudulently
Section 421-PPC
Punishments of Fraud
According to PPC, if any person commit Fraud, shall be punished with imprisonment of either description for term which may extend to 2-years, or with fine, or with both.