Another Dawood Ibrahim property auctioned, fetches Rs 3.51 crore

The auction was carried out by the Ministry of Finance under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act.

| Mumbai | Published: August 10, 2018 3:00:25 am
Pakistan also on hunt for Dawood aide’s custody, Thai court rules he is Indian The Massula building on Pakmodia Street in South Mumbai, where Dawood’s late mother Aminabai stayed till she breathed her last, was sold for Rs 3.51 crore.

One more Mumbai property belonging to fugitive Dawood Ibrahim was auctioned on Thursday. It was purchased by the Saifee Burhani Upliftment Trust (SBUT). The auction was carried out by the Ministry of Finance under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act.

The Massula building on Pakmodia Street in South Mumbai, where Dawood’s late mother Aminabai stayed till she breathed her last, was sold for Rs 3.51 crore. While SBUT lost the bid during the public auction, in the online bidding it emerged as the highest bidder, bidding more than Rs 2.70 crore over the reserved price fixed at Rs 79.43 lakh.
In a press statement, SBUT said, “The Massula building has been declared unfit for living and poses serious risk to the lives of tenants and pedestrians. Therefore, we participated in the auction and acquired the building to redevelop it as a part of our ongoing Bhendi Bazaar redevelopment project.”

Meanwhile, the Hindu Maha Sabha, which had earlier expressed its intentions to participate, failed to deposit the earnest money and was rendered disqualified by SAFEMA. Over a dozen bidders participated in the auction.

In November last year, three Dawood-owned properties similarly went under the hammer — six flats in Dambarwala building (Room no 18-20, 25, 26 and 28), Hotel Raunaq Afroz on 33 Pakm-odia Street and Shabnam Guest House at Bhendi Bazar, the last known addresses of Dawood. While Shabnam Guest House was sold for Rs 3.053 crore, Dawood’s ancestral property, the Damar-wala building, was auctioned at Rs 3.53 crore. Hotel Raunaq Afroz was sold for Rs 4.53 crore.

By March after paying the amount, SBUT became the legal owner of Dawood’s properties. “According to the terms of auction, the highest bidder was required to deposit 25 per cent of the bidding amount within 30 days and the total amount within 90 days. SBUT, accordingly, paid off the bidding amount within the stipulated time period. After receiving the amount, all the documents pertaining to the title of the properties have been handed over to SBUT and the properties have been transferred to the trust. They are now the legal owners,” an official from SAFEMA, who spoke on the condition of anonymity, told The Indian Express.

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