Amendment status not verified — confirm the current text below against the official source.
Seizure or freezing of illegally acquired property- (1) Where any officer conducting an inquiry or investigation under section 60-B has reason to believe that any property in relation to which such inquiry or investigation is being conducted is an illegally acquired property and such property is likely to be concealed, transferred or dealt with in any manner which may result in frustrating any proceeding relating to forfeiture of such property under the provisions of this Act, he may make an order for seizing such property and where it is not practicable to seize such property, he may make an order that such property shall not be transferred or otherwise dealt with, except with the prior permission of the officer making such order, or of the competent authority and a copy of such order shall be served on the person concerned. Provided that a copy of such an order shall be sent to the competent authority within forty-eight hours of its being made. (2) Any order made under sub-section (1) shall have no effect unless the said order is confirmed by an order of the competent authority within a period of thirty days of its being made. Explanation.- For the purpose of this section “transfer of property” means any disposition, conveyance, assignment, settlement, delivery, payment or