Attachment of properties on default of return of deposits

Attachment of properties on default of return of deposits.-

1. (1) Government of the Deputy Commissioner of a revenue area of Delhi in their respective jurisdiction ,suo-moto or on receipt of the complaints may cause investigation of a complaint or fraudulent transaction referred to in section 3, the Deputy Commissioner shall forward his report to the Competent Authority appointed under section 5 at the earliest.
2. (2) Notwithstanding anything contained in any other law for the time being in force- i. where, upon complaints received from the depositors, or otherwise, the Government is satisfied that any financial establishment has failed,- a. to return the deposit after maturity or on demand by the depositors; or b. to pay interest or other assured benefit; 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 an 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 services against which the deposit is received, the Government may- in order to protect the interest of depositors of such financial establishment , after recording reasons in writing, issue an order by publishing it in the Official Gazette, attaching the money or other property believed to have been acquired by such financial establishment either in its own name or in the name of any other person from out of the deposits collected by the financial establishment; or if it transpires 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 personal assets of the promoter, director, partner or manager of member of the said financial establishment, as the Government may think fit.
3. (3) Notwithstanding anything contained in any other law for the time being in force-