Court shall presume that such Financial Establishment has committed the default fraudulently.

Attachment of properties on default of return of deposits:

1. (1) Notwithstanding any thing contained in any other law for the time being in force.
   • (i) Where upon complains received from the depositors or otherwise the Government is satisfied that any Financial Establishment has failed:
   • (a) To return the deposit after maturity on demand by the depositors; or
   • (b) To pay interest or other assured benefits; or
   • (c) To provide the service promised against such deposit; or
     • (ii) Where the Government has reason to believe that any Financial Establishment is acting in a manner detrimental to the interest of the depositors with an intention to defraud them and if the Government is satisfied that such Financial Establishment is not likely to, return the deposits or make payment of interest or other benefits assured or to provide the service against the deposit is received, the Government may, in order to protect the interest of the depositors of such Financial Establishments, after recording reasons, in writing, issue an order b) publishing it in the Official Gazette, attaching the money or other property believed to have been acquired by such Financial Establishment either it its own name or in the name of any other person from out of the deposits collected by the Financial Establishment, or if it transpire that such money or other property is not available for attachment or not sufficient for repayment of the deposits, such other property of the said Financial Establishment or the promoter, director, partner or manager or member of the said Financial Establishment as the Government may deem fit.
2. (2) On the publication of the order under sub-section (i) all the properties and assets of the Financial Establishment and the persons mentioned therein shall forthwith vest in the Competent Authority appointed by the Government, pending further order from the Designated Court.
3. (3) Save and otherwise specially provided in any other law the attachment shall be made in the manner provided for attachment of property in execution of a decree under order 21 Rules 43, 43A, 46, 47, 49, 50, 51 and 54 of the