Punishment for advancing loans, etc., to fictitious persons

Whoever, being an officer having authority to sanction or advance loan or subsidy intentionally, knowingly or for corrupt motive or otherwise, sanctions or advances loan or subsidy— (a) in a fictitious name, or (b) to a fictitious or non-existing person, or (c) in the name of another person, and whoever receives actual benefit of such sanction or advance of the loan or of subsidy, shall be punished with imprisonment of either description which may extend to three years or with fine or both.