Indian Penal Code, 1860
169. Public
servant unlawfully buying or bidding for property
Whoever, being a
public servant, and being legally bound as such public servant, not to purchase
or bid for certain property, purchases or bids for that property, either in his
own name or in the name of another, or jointly, or in shares with others, shall
be punished with simple imprisonment for a term which may extend to two years,
or with fine, or with both; and the property, if purchased, shall be
confiscated.