Amendment status not verified — confirm the current text below against the official source.
Identifying illegally acquired property._r[(1; Every oflicer empowered under section 53 and every officer-in-charge of a police staiion shall, on receipt of information is satisfied that any person to whom this Chapter applies holds anyillegally acquired property, hL may, after recording ."u"o.ri fo, oou'lg so, proceed to take all steps necessary for trachg and identifying such proPerty.l (2) The steps referred to in sub-section (1) may include any inquiry, investigation or survey in respect of any person, irlace, p.operiy, aisets, documents, books of account h any bank or public finincial iirstitutio. o. ".,y other relevant matters, (3) Any inquiry, investigation or survey referred to in sub-section (2) shall be carried out by an officer mentioned in sub-section (1) in accordance with such $ileqtions or guidelines as the competent authority may make or issue in this behalf. ...58F. Seizure or freezing of illegally acquired property.-(1) Where any officer conducting an inquiry or inveitigatiorl under seclion- 68E has reason to believe that any property in relation to wt.ich such inquiry or investigation is being conducted is an illegally acquired property and such'property islikety to be concealed, transferred or dealt with in any manner which will result in frustrating any proceeding relating to forfeituie of such property under this Chapter, he may make an order for seizing such property and wirere it is not prac_ticable to seize such property, he may make an brder that such property shall not be transferred or otherwise dealt with, except with the prior peimissioir of the officer making such order, or of the competent authority and a copy of such order shall be served on the person concemed: ?rovided that the competent authority shall be duly informed of any order made under this sub-section and a copy of such an order shall be sent to the competent authority within forty-eighi 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. Explanatiott.-For the purposes of this section, "transfer of property" means any dispositiorL convevance, assignment, settlement, delivery, payment or other alienation of property and, without limiting the generality of the foregoin& mcluoes- (a) the creation of a trust in property: (b) the grant or creation of any lease, mortgage, charge, easement, licence, power, partnership or interest in property; (c) the exercise of a power of appointment of property vested in any person, not the owner of the property, to determine its disposition in favour of :rny person other than the donee of the power; and (d) any transaction entered into by any person with intent thereby to diminish directly or indirectly the value of his own property and to increase the value of the property of any other person.