ibusinesslines.com March 23, 2018

Auction process for Dawood Ibrahim properties begin

14 November 2017, 08:33 | Erica Roy

Dawood Ibrahim

Dawood still an asset in Pakistan but India has plan B

Saifee Burhani Upliftment Trust has won the auction for three properties of Dawood Ibrahim.

The three properties belonging to Dawood Ibrahim which will be auctioned on are - Ronak Afroz Restaurant, Damarwala Building and Shabnam Guest House.

Rounaq Afroz restaurant was sold for Rs 4.53 crore, while the rooms in Damarwala building and Shabnam Guest House fetched Rs 3.53 crore and Rs 3.52 crore respectively.

The Mumbai-based Saifee Burhani Upliftment Trust (SBUT), an organisation of the influential Dawoodi Bohra community, has emerged as the highest bidder at the auction that was held at a room in the Indian Merchants' Chamber in Churchgate area amid tight security arrangements.

The decision for bidding is taken due to Ongoing Bhindi Bazar redevelopment program, As all the three properties fall under our Bhendi Bazaar. These buildings are in dilapidated condition and unfit for living.

After Dawood fled India, properties belonging to him and his associates were seized under the provisions of Smuggling and Foreign Exchange Manipulators (Forfeiture of Property) Act, also known as SAFEMA. The Reserve price kept for the present auction was Rs 1,23,43,000.

Dawood Ibrahim is now in Pakistan.

The SAFEMA administrator had issued a newspaper advertisement for a public auction of all the six properties inclusive on November 14 with a total reserve price of Rs 5.54 crore. However, the property went in for re-auction, as Balakrishnan, could not cough up R4.28 crore he'd won the property for.

Last year, unable to gather money to buy underworld Ibrahim's property Hotel Raunak Afroz, former journalist S Balakrishnan's "earnest money deposit" of Rs 30 lakh was forfeited. Hence, the property was auctioned again today.

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