Section 29 · Punishment for false verification of loan utilisation

Whoever, being under a duty to verify and report proper utilisation of a loan or subsidy, falsely reports, verifies to testify to the proper utilisation thereof, with reference to the purpose for which it was sanctioned or advanced, when in fact it was not so utilised fully, or was utilised only partly, or was not utilised at all, in relation to that purpose, unless it was diverted to some other purpose with the prior sanction of authority which sanctioned or advanced the loan or subsidy, shall be punished with imprisonment of either description which may extend to one year, or with fine, or with both.