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An auction held this past week in Mumbai for 11 properties belonging to fugitive gangster Dawood Ibrahim saw no bidders turning up. The Income Tax Department had organised the sale to recover part of Dawood's pending tax dues, estimated at around INR 45 crore. The properties, located mainly in south Mumbai's Nagpada and Mohammed Ali Road areas, carried a combined reserve price of INR 1.2 crore and an assessed value of nearly INR 5 crore. Officials have indicated that the properties will be re-auctioned within a year.
An auction organised by the Income Tax Department in Mumbai for 11 seized properties linked to Dawood Ibrahim ended without a single bidder participating. The auction, held at Hotel Diplomat in Colaba, was part of an effort to recover a portion of Dawood's tax dues, which reportedly amount to around INR 45 crore. Advertisement
The properties on sale were located in central and south Mumbai, mainly around the Nagpada, Mohammad Ali Road and Bhendi Bazaar areas. These included structures such as Rajgara Mansion on Bibijan Path, Raunaq Hotel on Pakmodia Street, Damarwala Building on Yakub Street, and Ghaswala Building on Temkar Street. The individual reserve prices for these assets ranged from INR 2 lakh to INR 105 lakh, with a total reserve value of about INR 1.2 crore.
Officials had made tight security arrangements at the auction venue, restricting entry to registered participants only. Each interested bidder was required to submit a refundable caution deposit of INR 25,000. However, despite the modest reserve prices compared with market rates in south Mumbai, no participants came forward.
The Income Tax Department had seized these properties several years ago as part of actions taken against Dawood Ibrahim under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act. The department had earlier attempted to sell some of these properties through public auction, but those efforts had also failed to attract buyers.
The department now plans to conduct another round of auctioning within the next twelve months. The upcoming sale is expected to include the same properties along with an additional 12 assets belonging to Dawood Ibrahim, also located in south Mumbai.
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