One Builder say "A" has gifted two flats in his wife's name and mortgaged the flats in a bank and availed loan. Without the knowledge of the Bank he has cancelled the Gift deeds and sold the flats to another purchaser and taken money from him. He has not disclosed the sale proceeds to Income tax also. Instead he has shown the Flats as Gifts in his wife name even now to avoid Income tax. Now he has repaid the loan and released the Gift deeds . Do you think he has done multiple fraud . Even though he has repaid the Bank loan, as per Hon'ble Supreme Court Judgement in Rumi Dhar Vs State of Bengal case is he punishable under Section 420?.