March 21, 2018

Dawood Ibrahim's three properties sold to trust for Rs 11.5 crore

14 November 2017, 03:54 | Taylor George

Dawood Ibrahim's three properties sold to trust for Rs 11.5 crore

Underworld don Dawood Ibrahim's properties in south Mumbai auctioned for Rs 11.58 crore

A trust has won auction of underworld don Dawood Ibarahim's three properties. This is the second time in nearly two years the ministry is trying to auction Dawood Ibrahim's properites which include Hotel Raounaq Afroz-also known as Delhi Zaika- and two residential premises, Shabnam guest house and six rooms in Damarwala builidng, located on the Pakmodia street.

The auction was conducted by the Ministry of Finance under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976. A second property in Damarwala was sold for Rs 3.53 crore while Shabnam Guest House fetched a price of Rs 3.52 crore. All these three buildings are in a dilapidated condition.

Three properties located in Bhendi Bazaar have caught the interest of the Saifee Burhani Upliftment Trust (SBUT) that is redeveloping Bhendi Bazaar.

Summary: The reserve price for the three properties are Rs 1.21 crore, Rs 1.55 crore and Rs 1.18 crore respectively. He also lost Rs 30 lakh he had given as deposit for the auction.

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Reports suggest the Rounaq Afroz restaurant was auctioned for Rs 4.53 crore.

In the advertisement, the government listed five properties, of which two belong to the underworld don. But the auction couldn't take place. However, the property went in for re-auction, as Balakrishnan, could not cough up R4.28 crore he'd won the property for.

After Dawood fled India, properties belonging to him and his associates were seized under the provisions of SAFEMA.

Dawood Ibrahim is the mastermind of the 1993 Mumbai serial blasts in which 257 were killed. Veteran journalist S Balakrishnan had a;sp bid for the hotel in 2015, but he failed to arrange the funds.

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