With reference to the 'Prohibition of Benami Property Transactions Act, 1988 (PBPT Act)', consider the following statements: 1. A property transaction is not treated as a benami transaction if the owner of the property is not aware of the transaction. 2. Properties held benami are liable for confiscation by the Government. 3. The Act provides for three authorities for investigations but does not provide for any appellate mechanism. Which of the statements given above is/are correct?

1. Incorrect. Under the PBPT Act, a transaction can be benami where the real owner is not aware of or denies knowledge of the ownership; this is specifically covered, not excluded.

2. Correct. Benami properties are liable to be confiscated by the Central Government after due process under the Act.

3. Incorrect. The Act provides authorities such as the Initiating Officer, Approving Authority, Administrator, and Adjudicating Authority, and it also provides an appellate mechanism through the Appellate Tribunal (with further appeal to the High Court).

Therefore, only statement 2 is correct.