Attachment and confiscation of property.

(1) No person shall hold or be in possession of any proceeds of any offence under this Act. (2) If an officer, investigating an offence committed under this Act, has reason to believe that any property represents proceeds of any offence under this Act, he shall, with the prior approval in writing of the State Government make an order seizing such property, movable or immovable or both, and where it is not practicable to seize such property, make an order of attachment directing that such property shall not be transferred or otherwise dealt with except with the prior permission of the officer making such order or, as the case may be, the Designated Court and a copy of such order shall be served on the person concerned. (3) The investigating officer shall duly inform the Designated Court, within forty-eight hours of the seizure or attachment of such property. (4) It shall be open to the Designated Court either to confirm or revoke the order of seizure or attachment made under sub-section (2): Provided that the Designated Court shall not pass an order unless an opportunity of making representation is given to the person whose property is being attached. (5) Where the accused has been convicted of any offence punishable under this Act, the Designated Court may, in addition to awarding any punishment, by order in writing, declare that any property, movable or immovable or both belonging to the accused and specified in the order shall stand confiscated to the State Government free from all encumbrances. Explanation.- For the purpose of this section "proceeds of any offence under this Act" means all kind of properties which have been derived or obtained from commission of any offence under this Act or have been acquired through funds traceable to any offence under this Act and shall include cash, irrespective of person in whose name such proceeds are standing or in whose possession they are found.