SALMAN S. Vs. STATE OF KERALA

JUDGEMENT

(1.) The petitioner's car was provisionally attached under the provisions of the Banning of Unregulated Deposit Schemes Act, 2019 (for short, 'the BUDS Act') in connection with Crime No.715 of 2024 of Thiruvalla Police Station. The petitioner has filed an application under Sec. 457 of the Cr.P.C. before the Additional Sessions Court ' III (BUDS Act Special Court), Pathanamthitta (for short, 'the designated court') to release the car. The designated court, as per the order dtd. 25/10/2024, dismissed the application holding that if the vehicle is released at this stage, it will defeat the purpose of the BUDS Act. The petitioner has approached this Court challenging the said order.

(2.) I have heard Sri.Jomy K. Jose, the learned counsel for the petitioner and Smt.V.Sreeja, the learned Senior Public Prosecutor.

(3.) The learned counsel for the petitioner submitted that the competent authority under the BUDS Act did not file an application before the designated court within the stipulated time under Sec. 14 of the BUDS Act for confirmation of the attached property. The learned counsel further submitted that in a case where no application for confirmation of the attachment has been filed within the maximum period of 60 days as contemplated under Sec. 14 of the BUDS Act, the provisional attachment will not lie and hence the property should be released to the petitioner.