The two terms do not mean exactly the same thing. A dishonest act is not necessarily a fraudulent act. In defining certain offences, both the terms are combinely used to clarify the extent of the offence. It shows their close affinity.
Thus the definition of one may give colour to the other. However there are certain slight differences between them.
Dishonestly
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1. Section 24 defines “dishonestly”.
2. Intent and injury are absent in dishonest.
3. ‘Deceit’ is not an essential element of dishonest.
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4. It involves a pecuniary or economic gain or loss.
5. In certain occasions, dishonest may be done by innocence. Dishonesty and innocence may overlap in certain circumstances.
Fraudulently
1. Section 25 defines “fraudulently”.
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2. Essential elements of “fraudulently” are: intent and injury.
3. ‘Deceit’ is an essential element of fraud.
4. By construction, “fraudulently” excludes the elements of pecuniary or economic gain or loss. It is a non-economic or non-pecuniary loss.
5. In any circumstance, in case of fraud, innocence could not be found in fraud. The term ‘fraud’ itself involves deception. Hence there is no question of innocence.