The court upheld that specific allegations of fraudulent conduct can sustain criminal charges against a property valuer providing inflated valuations to facilitate loan approvals.

ORDER :

K. Lakshman, J.

Heard Mr. G. Vidya Sagar, learned Senior Counsel representing Mr. Mamidi Avinash Reddy, learned counsel for the petitioner, Mr. Srinivas Kapatia, learned Special Public Prosecutor for CBI appearing for 1^st respondent and M/s. Pearl Law Associates appearing for respondent No.2.

2. The present Criminal Petition is filed under Section – 482 of the Code of Criminal Procedure, 1973 (for short, ‘CrPC’) by the petitioner to quash the proceedings in C.C.No.44 of 2018 pending on the file of XXI Additional Chief Metropolitan Magistrate, Hyderabad arising out of FIR No.RC-7E/2016/CBI/EOW/Chennai, dated 29.09.2016 of CBI, EOW, Chennai. The petitioner herein is A.7 in C.C.No.44 of 2018. The offences alleged against the petitioner herein are punishable under Sections 120-B read with 420, 468 and 471 of IPC.

3. On 29.09.2016, Sri D.Ravindra Rao, Deputy General Manager, State Bank of India, Secunderabad Zone -2^nd respondent, lodged a complaint with 1^st respondent alleging that M/s Akshaya Ornaments Pvt.Ltd. (AOPL) - A.1 initially represented by A.2 – Managing Director and A.3 – Director, father and son, having its registered office at Mahalakshmi Gems and Jewels Mall. Chirag Ali Lane, Abids, Hyderabad, work place at Shop No.108, Mayur Kushal Complex, Abids, Hyderabad, availed Working Capital Limit of Rs.9 Crores on 19.12.2012 from 2^nd respondent bank for a period of one year by furnishing fabricated document, proceedings of conversion of land as genuine one, secured credit facility and thereby cheated 2^nd respondent bank. The said account slipped into NPA on 24.01.2015 with an outstanding amount of Rs.8.93 Crores.

4. Basing on the said complaint dated 29.09.2016, the Inspector of Police, SPE/CBI/EOW/Chennai – the Investigating Officer, registered the aforesaid crime, conducted investigation and found that A.1 was engaged in the business of purchasing gold from wholesale authorized traders and getting their ornaments manufactured at their own workplace. A.2 and A.3 mortgaged two properties viz., an open land admeasuring Ac.23.03 guntas in Sy. Nos. 371, 372 and 377/Piki at Thummaloor Village, Maheshwaram Mandal, Ranga Reddy District in the name of A-2 who purchased the said property from Shri Syed Mumtaz Ali, through a Sale Deed 1410/2012 dated 13.04.2012, registered at SRO Maheshwaram Mandal and he semi-finished residential duplex house bearing No. 4 admeasuring 2100 sq. ft. built up area being a part of the premises No. 30-265/21/54 on the part of Plot No.41/150 sq. yds. in Sy. No. 304, situated at Geetha Nagar, Safilguda, Malkajgiri Mandal, Ranga Reddy District, with the 2^nd respondent bank.

5. The investigation further revealed that the landed property was valued by M/s Subha Syndicate represented by the petitioner herein vide his report dated 15.11.2012 for Rs. 22,02,28,470/-. Whereas, during April, 2012, the said property was purchased by A-2 from Sri Syed Mumtaz Ali only for Rs. 5.83 Crores. During February 2015, the same property was re-valued by the petitioner herein and the title deed stood in the name of Shri Syed Mumtaz Ali but not A-2. In addition, the second collateral property was also valued by the petitioner vide his report dated 03.11.2012 for Rs. 68,10,000-00. The petitioner/A.7 ha