Another Dawood property auctioned off, this time for Rs 3.51 crore

Mumbai, Aug 10: Another one of Dawood Ibrahim's property has been auctioned. The Masulla building on Pakmodia Street was purchased by the Saifee Burhani Upliftment Trust (SBUT) for Rs 3.51 crore at a public auction on Thursday, which saw two bidders participate. The other bidder was Delhi-based lawyer Bhupendra Bharadwaj. This is the fourth property of Ibhrahim's that SBUT has acquired.

The auction of Masulla building, also known as Amina mansion, was conducted by the ministry of finance under the Smuggling and Foreign Exchange Manipulators (Forfeiture of Property) Act, known as SAFEMA. There was a public auction, e-tenders and sealed tenders for Masulla building.

The reserve price was kept at Rs 79.43 lakh and all bidders were told to submit earnest money deposit of Rs 25 lakh. Bharadwaj was the highest bidder (Rs 1.91 crore) in the public auction, but SBUT clinched the deal in sealed tenders.