Possession of property of which no satisfactory account can be given

Whoever has in his possession or conveys in any manner, or offers for sale or pawn, anything which there is reason to believe is stolen property or property fraudulently obtained, shall, if he fails to account for such possession or to act to the satisfaction of the Magistrate, on conviction, be punished with imprisonment for a term which may extend to three months or with fine which may extend to one year but shall not except for reasons to be recorded in writing, be less than one month and shall also be liable to fine which may extend to five hundred rupees.