(1) Where the Competent Authority has reason to believe that any financial establishment or the promoter, partner, director, manager, member, employee or any other person responsible for the management of, or for conducting the business or affairs of such financial establishment—
(a) has committed any act which constitutes an offence under section 3; or
(b) is in possession of any proceeds of crime involved in an offence under section 3; or 2 of 1974.
8 THE KOLKATA GAZE! IE, EXTRAORDINARY, MAY 14, 2015 [PART IV The West Bengal Protection of Interest of Depositors in Financial Establishments Act, 2013.
(Section 7.)
(c) is in possession of any records relating to an office under section 3; or
(d) is in possession of any property relating to an office under section 3, such Competent Authority may, subject to the rules made in this behalf, authorise any officer—
(i) to enter and search any building, place, vessel, vehicle or aircraft where he has reason to suspect that such records or proceeds of crime are kept;
(ii) to break open the lock of any door, box, locker, safe. almirah etc.;
(iii) to seize any record or property found as a result of such search after recording reasons in writing;
(iv) to place marks of identification on such record or make or cause to be made extracts or copies therefrom;
(v) to make a note or an inventory of such record or property;
(vi) to examine on oath any person who is found to be in possession or control of any record or property, in respect of all or any of the matters relevant for the purpose of any investigation under this Act.
(2) Where it is not practicable to seize such record or property of any financial establishment or the promoter, partner, director, manager, member, employee or any other person responsible for the management of, or for conducting the business or affairs of such financial establishment, the officer authorised under sub-section (1), may, in such manner as may be prescribed, make an order to freeze such property whereupon the property shall not be transferred or otherwise dealt with, except with the prior permission of the officer making such order, and a copy of the order shall be served on the person concerned.
(3) Where the Competent Authority has made an order under sub-section (1) or sub-section (2), it shall, within thirty days from the date of publication of an order under sub-section (1) or sub-section (2), as the case may be, make an application, supported by an affidavit stating the grounds on which such Competent Authority has issued the said order under that sub-section, to the Designated Court and the Designated Court shall, after giving an opportunity of being heard to the person concerned, make an order confiscating such seized or freezed property of the financial establishment or of the promoter, partner, director, manager, member, employee or any other person responsible for the management of, or for conducting the business or affairs of such financial establishment in the same manner as mentioned in the provision for attachment of property under section 5.
(4) Where an order of confiscation of seized or freezed property of any financial establishment or the promoter, partner, director, manager, member, employee or any other person responsible for the management of, or for conducting the business or affairs of such financial establishment has been made under sub-section (3), all rights and title in such property shall vest to the Competent Authority free from all encumbrances.
(5) The State Government may, by order published in the Official Gazette, appoint as many officers (not below the rank of a Joint Secretary to the Government of West Bengal) as it thinks fit, to perform the functions of an Administrator.
(6) The Administrator appointed under sub-section (5), shall receive and manage the property in such manner and subject to such conditions as may be prescribed.
PART IV] THE KOLKATA GAZEI1E, EXTRAORDINARY, MAY 14, 2015 9 The West Bengal Protection of Interest of Depositors in Financial Establishments Act, 2013.
(Sections 8, 9.)
(7) The Administrator shall, in such manner as may be prescribed, take such measures to dispose of the property which is vested in the Competent Authority appointed by the State Government, to protect the interest of depositors.
8. (I) The State Government shall, by notification, appoint an officer of the State Government to be designated as Director of Economic Offences as the Competent Authority for the purpose of this Act.
(2) The State Government may, by notification, appoint such other person or persons as it thinks fit to assist the Competent Authority and may specify the area or areas over which such person or persons shall exercise jurisdiction and power under the Act.