Authorization for search and seizure

For the purpose of an investigation into any offence under the Act, the officer in charge of a Police Station may, with the authorization in Form 5, search for the following records namely:-

1. (a) any record, whether physical or electronic, which is used, intended to be used, or suspected to be used, in connection with the promotion or operation of an Unregulated Deposit Scheme;
2. (b) any books of account maintained in connection with an Unregulated Deposit Scheme;
3. (c) any deposits acquired or suspected to be acquired in connection with the promotion or operation of an Unregulated Deposit Scheme;
4. (d) any valuable securities maintained or suspected to be maintained in connection with the promotion or operation of an Unregulated Deposit Scheme;
5. (e) record of any property, whether movable or immovable, acquired either in the name of the deposit taker or in the name of any other person on behalf of the deposit taker, which is suspected to be acquired in connection with an Unregulated Deposit Scheme;
6. (f) record of any account with a bank, financial institution, society, body or similar nature market establishment, which is suspected to be used in connection with an Unregulated Deposit Scheme;
7. (g) any other thing which is suspected to be used in connection with an Unregulated Deposit Scheme. Form 1 [see Rule 4(1)] Reference No............. To Name Address ( Bank/Post Office/Financial Institution/Immovable Property registering authority) Provisional attachment of property under section 7(3) This is to inform that M/s................(Name ) is a deposit taker and Proceedings have been lodged against M/s...............(Name ) under sub-section (3) of section 7 of the Banning of Unregulated Deposit Schemes Act, 2019 (Central Act 21 of 2019 ) on receiving information that the aforesaid person is soliciting deposits in contravention of section 3 of the said Act. The order to protect the interests of depositors and in exercise of the powers conferred under sub-section (3) of section 7 of the said Act, I.......................................……... (name), ........................(designation) hereby provisionally attach the aforesaid account/property. The property mentioned above shall not be allowed to be disposed of without the prior permission of the under signed. Copy to ..... Signature: Name: Designation: FORM 2 [See Rule 4 (3) ] To NOTICE OF ATTACHMENT OF MOVABLE AND IMMOVABLE PROPERTY Office of the................................................... …................................................................... …....................................................... …....................................................... Whereas you have failed to pay the deposit of Rs..................... payable by you in respect of …........... for the period from....................... to............................... and the interest of Rs............... payable thereon and process fee of Rs......................... It is ordered that as you have failed to pay the said amount and you are hereby prohibited and restrained until further order of the undersigned, from transferring or charging the undermentioned property in any way and that all persons be, and that they are hereby prohibited from taking any benefit under such transfer or charge. It is hereby further ordered that unless the said amount with interest thereon and the cost of process fee be paid within......................... the movable and immovable property specified below will be brought to sale in due course of law. SPECIFICATION OF PROPERTY Given under my hand and seal at........................ this............. day of........................................
8. (Seal) District Collector FORM 3 [See Rule 4 ( 13 ) ] NOTICE OF SALE OF IMMOVABLE PROPERTY Office of the..................................... …..................................................... Whereas the movable and immovable properties belonging to Shri. (defaulter) and mentioned in the Schedule below have been attached for the recovery of arrears amounting to Rs....................... which sum is recoverable together with interest at ….................for the period commencing immediately after the due and the costs, charges and expenses of the proceedings for the recovery thereof; And whereas the undersigned has ordered the sale of the attached property mentioned in the annexed Schedule in satisfaction of the said arrears, costs, charges and expenses; And whereas on the …............. day of..................... (the date fixed for the sale) there will be due thereunder a sum of Rs............. including costs and interest; Notice is hereby given that in the absence of any order of postponement the said property shall be sold by.................... in public auction at........a.m/p.m on the said.......day of............. at...(place) The sale will be of the property of the defaulter above named as mentioned in the Schedule below; and the liabilities and claims attaching to the said property, so far as they have been ascertained, are those specified in the Schedule against each lot. The property will be put up for sale in the lots specified in the Schedule. If the amount to be realised by sale is satisfied by sale of a portion of the property, the sale shall immediately be stopped with respect to the remainder. The sale will also be stopped if, before any lot is knocked down the arrears mentioned, interest payable and costs (including the costs of the sale) are tendered to the officer conducting the sale or proof is given to his satisfaction that the amount of such arrears, interest and costs has been paid to the undersigned. At the sale, the public generally are invited to bid either personally or by duly authorized agent. No officer or other person having any duty to perform in connection with this sale shall, however either directly or indirectly bid or, acquire any interest in the property sold. The sale shall be subject to the following further conditions:-
   • (i) The particulars specified in the annexed Schedule have been stated to the best of the information of the undersigned, but the undersigned shall not be answerable for any error, misstatement or omission in this notice.
   • (ii) The amounts by which the biddings are to be increased shall be determined by the officer conducting the sale. In the event of any dispute arising as to the amount of bid, or as to the bidder, the lot shall at once again be put up to auction.
   • (iii) The highest bidder shall be declared to be the purchaser of any lot provided always that he is legally qualified to bid, and it shall be in the discretion of the undersigned to declain acceptance of the highest bid when the bid is less than the reserve price, if any, fixed or when the price offered appear so clearly inadequate as to make it advisable to do so.
   • (iv) The person declared to be the purchaser shall pay immediately after such declaration a deposit of fifteen percent on the amount of his purchase money to the officer conducting the sale and in default of such deposit, the property shall be put up again and resold. The full amount of the purchase money payable shall be paid by the purchaser to the undersigned on or before the 30th day from the date of the sale of the property, exclusive of such day or if the 30th day is a sunday or other holiday then on the first office day after the 30th day. In default of payment within the period mentioned above, the property shall be resold after the issue of afresh notice of sale. The deposit, after defraying the expenses of the sale shall be liable to be forfeited to the Government and defaulting purchaser shall forfeit all claims to the property or to any part of the sum of which it may subsequently be sold.