Attachment of properties on default of returns of deposits

Notwithstanding anything contained in any other law for the time being in force,-

1. (i) where, upon the complaints received from a depositors that any Financial Establishment defaults in the return of deposits after maturity,
2. (ii) where the Government or authorised officer has reason to believe that any Financial Establishment is acting in a calculated manner with an intention to defraud the depositors, and if the Government or the authorised officer is satisfied that such Financial Establishment is not likely to return the deposits, the Government or the authorised officer may, in order to protect the interests of the depositors of such Financial Establishment pass an ad-interim order attaching the money or other property alleged to have been procured either in the name of the Financial Establishment, or in the name of any other person from and 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 promoter, manager or member of the said Financial Establishment, as the Government or the authorised officer may think fit, transfer the control over the said money or property to the Competent Authority.