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1-min read

Dawood Ibrahim's Masulla Building auctioned in Mumbai for Rs 3.5 Crore

Masulla Building, located in Bhendi Bazaar area of central Mumbai, was purchased by Saifee Burhani Upliftment Trust (SBUT), which placed the highest bid of Rs 3.51crore rupees.

Chaitanya Mangure | CNN-News18

Updated:August 9, 2018, 10:44 PM IST
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Dawood Ibrahim's Masulla Building auctioned in Mumbai for Rs 3.5 Crore
File photo of underworld don Dawood Ibrahim. (PTI)
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Mumbai: Property of fugitive underworld don Dawood Ibrahim was auctioned on Thursday in Mumbai under the Smuggling and Foreign Exchange Manipulators (Forfeiture of Property) Act, (SAFEMA).

Masulla Building, located in Bhendi Bazaar area of central Mumbai, was purchased by Saifee Burhani Upliftment Trust (SBUT), which placed the highest bid of Rs 3.51crore rupees.

Three buyers including SBUT had shown interest in the property. The other two were Indira Tiwari of Akhil Bhartiya Hindu Mahasabha and Bhupendra Bharadwaj from Delhi.

However, Indira Tiwari did not participate in the final bidding as her organisation had not submit the initial deposit of Rs 25 lakh. The final contenders for Dawood's property were Bhupendra Bharadwaj and SBUT.

The auction held by the Ministry of Finance started at 10 am at the YB Chavan auditorium at Nariman Point and continued for 5 hours. The auction for Dawood's properly began with a reserve price of Rs 79.43 lakh.

The 3 step process included e-auction, public auction, and sealed tenders. Bharadwaj won the public auction by bidding Rs. 1.91 crore, but did not participate in the e-auction. SBUT, won the auction by placing highest bid of Rs 3.51 crore in sealed tender.

Spokesperson of SBUT said "The building is in dilapidated condition and unfit for living. We are carrying out a redevelopment project in Bhendi Bazaar so we participated in the bidding and acquired the property."

SBUT has earlier acquired three properties of Dawood Ibrahim located at Bhendi Bazaar in auction carried out under SAFEMA. These properties included restaurant Raunaq Afroz, Shabnam Guest House and six flats in Damarwala building.
| Edited by: Sana Fazili
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