The board of directors of the agency shall have the power and its duty shall be to conduct investigations to determine whether applications or income tax data submitted to the agency contain any misrepresentations or false statements made for the purpose of cheating or defrauding. Whoever, by any false pretense, knowingly and with intent to defraud, procures, obtains or aids, assists, or abets, in obtaining from or through the Pennsylvania Higher Education Assistance Agency any moneys, scholarship awards, educational assistance grants, loans or loan guarantees, is guilty of a felony, and on conviction, shall be sentenced to pay a fine not exceeding five thousand dollars ($5000), or undergo imprisonment for a period not exceeding five years, or both.