Properties of Dawood Ibrahim to be auctioned

Seven properties of India's most wanted underworld operative Dawood Ibrahim would be auctioned on November 10 by Indian authorities.

Palgh: Underworld operative, Dawood Ibrahim's seven properties in Maharashtra would be auctioned on November 10 following the Central government's orders. The Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA) authorities would carry out the auction.

Ibrahim's properties in Lote and Khed in Ratnagiri district including a bungalow were ordered to be auctioned earlier. Owing to COVID pandemic, the auction was delayed. The authorities opted for video conferencing of the auction from Mumbai on November 10. They had surveyed the land and demarcated the property earlier. Officials said that many bidders expressed interest in the auction.

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The Smugglers and Foreign Exchange Manipulators Act 1976 provide for the forfeiture of illegally acquired properties of smugglers and foreign exchange manipulators and for matters connected therewith or incidental thereto. The Act aims to prevent smuggling activities and foreign exchange manipulations by depriving those persons' ill-gotten gains.

It is liable in cases where those persons have been augmenting such gains by violations of wealth-tax, income-tax or other laws or by other means and have thereby been increasing their resources for operating in a clandestine manner. The Act also holds account of those persons who have in many cases been holding the properties acquired by them through gains in the names of their relatives, associates and confidants.