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The Insurance Act, 1938

Section 105. Wrongfully obtaining or withholding property.

If any director, managing director, manager or other officer or employee of an insurer wrongfully obtains possession of any property or wrongfully applies to any purpose of the Act, he shall be liable to a penalty 1[not exceeding one crore rupees].

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

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