Indian Penal Code (IPC)
Section 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.
CLASSIFICATION OF OFFENCE
Punishment—Simple imprisonment for 2 years, or fine, or both and confiscation of property, if purchased—Non-cognizable—Bailable—Triable by Magistrate of the first class—Non-compoundable.