(1) On receipt of a complaint from depositors or otherwise, the Competent Authority shall initiate such inquiry as it may deem necessary to ascertain as to whether the financial establishment has fraudulently defaulted.
(2) The Competent Authority shall before conducting such inquiry give a copy of the complaint to the financial establishment and in case the financial establishment satisfies the Competent Authority with documentary proof that it has repaid such deposit, interest, bonus, profit or return of any kind, the Competent Authority may permit the complainant to withdraw the complaint.
(3) The report of the inquiry and findings therein, shall be submitted by the Competent Authority to the Government, for orders in terms of section 3 of the Act.]