Punishment for surreptitious sale of supplied material by contractor

Whoever, being a contractor under a works contract, sells or otherwise transfers cement, steel, iron, or any other material supplied by the works department for the work as per specifications, instead of properly utilising the same in the work or instead of returning the unused or excess material back to the works department, shall be punished with imprisonment of either description which may extend to three years, or with fine, or with both.