Official Text
“Whoever commits financial fraud through electronic means, including online banking fraud, digital payment fraud, or electronic financial scams.”
Legal Analysis
Elements to Prove:
- Committing financial fraud.
- Through electronic means.
- Intent to defraud or deceive.
Potential Defenses:
- No financial fraud.
- Legitimate transactions.
- Authorized activities.
Practical Examples
What Constitutes the Offense:
Online banking fraud, digital payment scams, electronic financial fraud, cyber financial crimes.
What Doesn't Constitute:
Legitimate online transactions, authorized digital payments, or lawful financial activities.
Punishment
Imprisonment up to 7 years, and Fine