India, Other|December 5, 2017 11:14 pm

Underworld Gangster’s Assets Auctioned in Mumbai by Saifee Burhani Trust


As per the latest news from several media outlets, The Saifee Burhani Upliftment Trust (SBUT) has obtained all the three properties of renowned underworld gangster Dawood Ibrahim and put them up for an auction on November 14. Sources had confirmed that SBUT was among the numerous bidders in the public auction that had been initiated by the finance ministry underneath the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA). Moreover, it had positioned the highest bid with the help of sealed tenders.

It would be significant to admit that the Hindu Mahasabha seemed willing to take part in the bid, but it remained unsuccessful to deposit the earnest money and been disqualified.  Sources also revealed that the two-storey Shabnam Guesthouse located in Bhendi Bazar had been auctioned for Rs 3.053 crores, on the other hand, the ancestral property of the gangster, Damarwala building situated at Pakmodia street had been sold for Rs 3.53 crores. Another property of Hotel Raunaq Afroz had been put on a bid for Rs 4.53 crores.  P Selvaganesh, the Competent Authority, SAFEMA remarked that the highest bidder would have to deposit 25% of the whole within a month and the total sum within forthcoming three months.

In the month of September, an old house collapsed in the area of Bhendi Bazaar and a notification had been issued to Iqbal Kaskar, Dawood’s brother and 25 other residents to vacate the building as it seemed unsafe. The officials from SAFEMA seemed satisfied as the bid has succeeded.  In the year of 2015, the Government of India had taken the initiative of auctioning these properties with the help of a private firm.

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