Possession of property of which no satisfactory account can be given

Whoever has in his possession or conveys in any manner, or offers to transfer by sale or otherwise, anything which there is reason to believe is stolen property or property fraudulently obtained, shall, if he fails to account for such possession or conveyance or offer to transfer by sale or otherwise to the satisfaction of the Magistrate, on conviction, be punished with imprisonment for a term which may extend to one year or with fine which may extend to five thousand rupees, or with both.