LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

shrigopal sharma (business)     25 January 2012

Criminal liablity on wrong valuation of property


Respected all,


We are valuation firm engaging in valuation of properties for various bank specially for private bank i.e. IDBI, EXIS etc. I am the proprieter of the same firm and kept 2 employees to help in the valuation. My person goes to various bank and gets requsition slip for valuation of the property. requstion slips contains name and address of loan applicant, loan purpose etc. from these requistion slip some of property is seen/visit/ by me and some of them visit/seen by my employee.When my employee goes to visit to applicants property , he gives me details of the property in his hand writing alongwith photograph of the same, taken by him. On basis of details given by him , I prepare valuation report of Rs. 35.00 Lac and submit to bank.


In this case, a home loan applicant applied to bank for Home Loan on basis of an agreement with Mr. X showing details of property and mentioning constructed and cover area. On basis of application / agreement of the applicant , bank given us requistion slip to give technical/ valuation report. On receipt of requistion slip from bank my employee went to visit the property and given me details of the same alongwith photograph of the same, accordingly I prepared the valuation report of Rs. 35.00 Lac and submitted to Bank. After some time we came to from our sources in bank that our employee shaked hand with loan applicant and given the details of fake property i.e. any other property. Meantime loan applicant didnot paid loan and become defaulter. Bank didnot found the property to attached. Therefore bank again gave us requistion slip to varify and to re-valuate the property mortgaged. I visited the property and I found that there was no constrcuted area/ home. but only open land was there. Accordingly again I gave my valuation report of Rs. 10.00 Lacs alongwith letter informing to bank that the other property was visited and photograph given by my employee  as he taken bribe of Rs. 5000.00  from loan applicant  . We enclosed photocopy of his confession letter and given assurance to bank to cooperate in this case.


After some time bank lodged FIR  through  ITSGASA in the name of loan applicant , seller of property who gave wrong details of the property and got the value of Rs. 35.00  and  in my name under various sections of IPC . please help me as  I am not involved  in their conspirancy. I wish to add that


1.      This may be not happen without help of bank people as they might have also done Field Enquiry  by their personnals


2.     His ITR’s must show income of this Loan amount level.


So I request you all to please guide me in this matter that can I have criminal liability for crime done my employee and I am not melafide but bonafide for this case as I have already informed to bank for this .


 3 Replies

Shonee Kapoor (Legal Evangelist - TRIPAKSHA)     26 January 2012

You are liable for your employees doings.


Shonee Kapoor

Pradeep Kumar (Lawyer)     26 January 2012

Dear Sir,

    Since an FIR was lodged against you the only thing you are required to do is to prepare your defense to acquit yourself from the charge.Since there are too many irregularities happened, someone should be help responsible.I guess you might be charged into conspiracy under Section 120B of IPC and the prosecution has to prove those charges against you.Since it was the mistake of your employee and somewhere you can or cannot be held responsible.

     You can go to high court for quashing of FIR and AB from Session Courts.Pursue the trial and truth will be out.


Pradeep Kumar & Associates


Chamber-208,CSA Block,

District Court,Gurgaon

(M) 09871765000


Shonee Kapoor (Legal Evangelist - TRIPAKSHA)     26 January 2012

Quashing is not possible in present circumstances.


Shonee Kapoor

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register