(1) Where any property or records have been seized under rule 4 and the Director or the officer authorised by him in this behalf has, on the basis of material in his possession, reason to believe (the reason for such belief to be recorded by him in writing) that such property or records are required to be retained for the purposes of declaration of fugitive economic offender under section 12, such property or records may, if seized, be retained for a period not exceeding thirty days from the day on which such property or records were seized or such extended period as may be allowed by the Special Court on the request of the officer authorised.
(2) The Director or the officer authorised by him shall, immediately after he has retained the property or records under sub-rule (1), forward the inventory of items in the Form to the Special Court, in a sealed envelope.
(3) On the expiry of the period specified in sub-rule (1), the property or records shall be returned to the person from whom such property or records were seized unless the Special Court permits retention of such property or records beyond the said period.