POLICE COMPLAINT AGAINST A VALUER FOR INFLATED VALUE OF PROPERTY
A CASE STUDY
A couple has been arrested by the Malad police for cheating a bank by mortgaging gold of lesser value than the loan amount disbursed to them. A gold valuer working with the bank has also been booked but is yet to be arrested.
Police said the couple resides in Malwani. They applied for a gold loan with the Mumbai District Central Cooperative Bank in 2021. Against the loan, the couple mortgaged their gold with the bank. The bank’s valuer checked the gold and declared its value to be Rs 18.5 lakh. The bank then processed a loan of Rs 14.7 lakh to the couple.
According to the bank’s complaint, the couple did not make regular repayments and their dues came up to Rs 15.5 lakh. After repeated notices to the couple, the bank declared the loan as an NPA. As per procedure, it was decided to re-evaluate the value of the gold through another valuer in February 2022. Neither the couple nor the earlier valuer remained present for the re-evaluation.
This time, the gold was valued at Rs 10.95 lakh which was much lesser than the initial value declared by the earlier valuer.
In June 2022, the bank registered a police complaint against the couple as well as their valuer.
Police recently arrested the couple on charges of breach of trust and cheating… SOURCE
