Saifee Burhani Upliftment Trust purchases underworld don Dawood Ibrahim’s Masulla Building in Mumbai’s Pakmodia Street
The Hush Post: A prime property of Underworld Don Dawood Ibrahim was sold in a public auction. This property Masulla Building is situated in Pakmodia Street in Mumbai.
The Dawood Ibrahim-owned building was purchased by the Saifee Burhani Upliftment Trust (SBUT) for Rs 3.51 crore in the auction on Thursday, in which two bidders participated. The other bidder was Delhi-based lawyer Bhupendra Bharadwaj. It is Dawood Ibhrahim’s fourth property that SBUT has acquired, a report said.
“Masulla Building has been declared unfit for living and poses a serious risk to the lives of tenants and pedestrians. Therefore, we participated in the auction and acquired the building to redevelop it as a part of our ongoing Bhendi Bazaar redevelopment project,” an SBUT spokesperson was quoted in the report requesting anonymity.
Also known as Amina Mansion, the Masulla Building was auctioned 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 report said.
The property’s reserve price was fixed at Rs 79.43 lakh and all bidders were to submit an earnest money deposit (EMD) of Rs 25 lakh to take part in the auction. Bharadwaj was the highest bidder (Rs 1.91 crore) in the public auction, but SBUT clinched the deal in sealed tenders, it was reported.
“It was my bad luck just like last time,” Bharadwaj was quoted in the report. Now, the Trust owns four plots that were originally Ibrahim’s: Shabnam Guest House, Damarwala Building, Hotel Raunaq Afroz and Masulla Building.
These properties fall in the ambit of the 16.50-acre cluster that SBUT is redeveloping as part of its redevelopment of Bhendi Bazar, which will rehabilitate 3,200 residents and 1,250 commercial establishments, the report said.