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Auction of Iqbal Mirchi's properties fails, no bidders turn up

Two flats in Juhu belonging to drug smuggler Iqbal Mirchi found no takers at an auction on Tuesday as the reserve prices were high.

20th November 2019 | 04:01 PM (IST)
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The two flats in Juhu belonging to gangster Dawood Ibrahim’s aide the late Iqbal Mirchi found no bidders in the auction on Tuesday.

The ministry of finance conducted the auction as part of the crackdown on Dawood’s syndicate and properties in the country. The area of the flats, 501/502, in Milton Apartments on Juhu Tara Road in Santacruz (West), that have been joined is 1,200 sqft. The base price for both the flats was ₹3.45 crore, which many found too high, according to sources from the Smugglers and Foreign Exchange Manipulators Act (SAFEMA) office.

The base price was decided according to the market value. Now, the officials will try to auction the property again at a lower base prize, SAFEMA sources said.

Mirchi died of a heart attack in 2013 in London at the age of 63. Indian law enforcement agencies have identified more than 25 properties linked to Mirchi in London and the UAE.

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20th November 2019 | 04:01 PM (IST)
30 views
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