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No takers for Telgi's property

Written by: Staff

Bangalore, Feb 23 (UNI) The auction proceedings of the properties of Abdul Karim Telgi, the mastermind behind the multicrore fake stamp paper case, were today deferred yet again for want of bidders.

The Income Tax authorities had notified two pieces of land and a building in posh localities in the city for auctioning to recover Telgi's IT dues since 1996, running to Rs 190 crore. The base price was fixed at Rs 2.55 crore.

The auctioning, which was deferred to March ten, had met with a similar fate twice before on February 16 and October 20 last year.

Income Tax Commissioner M N Agarwal told newspersons here that no reason could be attributed to the lukewarm response for the auction. If the trend continued, the government would take over the properties. Several other properties of Telgi, now in judicial custody in Mumbai, were being evaluated before bringing them under the hammer, he added.


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