Dawood Ibrahim's Mumbai properties auctioned for Rs 11.58 crore
Three properties of fugitive Dawood Ibrahim have been auctioned for Rs 11.58 crore on Tuesday.
The properties located in South Mumbai included Hotel Raunaq Afroz, Shabnam Guest House and six rooms in Damarwala building.
The Raunaq Afroz hotel attracted a bid of Rs 4.53 crore, Shabnam Guest house for Rs 3.52 crore while Rs 3.54 crore for the rooms in the Damarwala building.
The properties of Ibrahim were put on auction by the ministry of finance under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property)Act.
All the three properties have been bought by Saifee Burhani Upliftment Trust, the highest bidder in the auction.
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 authorities later decided to auction these properties in a phased manner. However, past auctions of the gangster's properties drew a cold response from bidders, apparently due to ''fear factor''.
Dawood Ibrahim is currently in Pakistan. His brother Iqbal Kaskar who was recently arrested in an extortion case has admitted to speaking to him four times in the last few years. Officials said Iqbal Kaskar had provided the addresses of four residences belonging to Dawood Ibrahim in Karachi.
(With inputs from PTI)