A special CBI court has rejected the discharge application of a valuer namely Sunil Chaudhary, accused in a case involving the Dewan Housing Finance Corporation Limited (DHFL) and Yes Bank fraud.
Chaudhary was added as an accused in the agency’s supplementary charge sheet filed in the case. The CBI alleged that he had submitted an inflated valuation report to facilitate the crime. He had also allegedly given an inflated valuation of a flat located at Nariman Point in South Mumbai, which was offered as collateral for the loans, said the CBI.
In his application seeking a discharge from the case, Chaudhary had said that the valuation prepared by him was based on future projection, which is recognised in the field. He claimed that he had no fraudulent intention in preparing the valuation reports. He also pointed out that the loans taken based on these reports had been paid in their entirety.
The special court attending the matter said that according to the prima facie material on record, Chaudhary had valued two flats at Nariman Point in 2017 at Rs. 69 crores. It also noted that he had valued a vacant land in Alibaug at Rs. 253 crores, whereas its valuation similarly was Rs. 31 crores in 2017.
Further, it stated that payment of the loan itself does not exonerate him from criminal liability. Special Judge SU Wadgaonkar noted that the material is prima facie reasonable that connects him with the crime, thus no grounds exist to discharge him and on the contrary, there is prima facie evidence and circumstance on record to proceed against him.