Section 31(2) in Banning of Unregulated Deposit Schemes Act, 2019
(2)Where it is not practicable to seize the record or property, the officer authorised under sub-section (1), may make an order in writing to freeze such property, account, deposits or valuable securities maintained by any deposit taker about which a complaint has been made or credible information has been received or a reasonable suspicion exists of their having been connected with the promotion or conduct of any deposit taking scheme or arrangement in contravention of the provisions of this Act and it shall be binding on the concerned bank or financial or market establishment to comply with the said order:Provided that no bank or financial or market establishment shall freeze such account, deposit or valuable securities, for a period beyond thirty days unless the same is authorised by the order of the Designated Court:Provided further that, if at any time, it becomes practicable to seize the frozen property, the officer authorised under sub-section (1) may seize such property.Explanation. - For the purposes of this section, the expressions, -(i)"freezing of account" shall mean that no transaction, whether deposit or withdrawal shall be allowed in the said account; and(ii)"freezing of property" shall mean that no transfer, conversion, disposition or movement of property shall be allowed.
