Consider the following statements regarding the Prohibition of Benami Property Transactions Act, 1988:

1. A transaction ceases to be treated as benami if the person in whose name the property is held claims to have been unaware that it was purchased with someone else's funds.

2. Properties held benami are liable to be confiscated by the government under the Act.

3. The Act provides for only a single investigating authority, with no separate appellate mechanism.

Which of the statements given above is/are correct?