S. Balakrishnan makes highest bid of Rs.4.28 crore for 'Delhi Zaika' Hotel

Journalist-turned-activist S. Balakrishnan on Wednesday made the highest bid of Rs. 4.28 crores in the public auction for the 'Delhi Zaika' Hotel, one of the seized properties of underworld don Dawood Ibrahim.

The auction, which took place at Hotel Diplomat in Colaba under the Smugglers and Foreign Exchange Manipulators (forfeiture of properties) Act, started with a reserve price of Rs 1.18 crore.

"We had made a bid of Rs.4.28 crores which is leading at the present. Burhani had made a bid of Rs.4.27 crores and then I extended the bid by one lakh," Balakrishnan told the media at.

"Seven properties were auctioned today. Four other properties located in Nani Dammanna Agricultural area were auctioned separately. Thereafter, A Hyundai Accent car located in Ghatkopar, was also auctioned," he added.

"We have already deposited Rs. 30 lakhs and rest amount would be paid within one month," he said.

He, however, insisted that the clear picture on the bidding process would be clear by today evening.

The first bid for the property was made by Balakrishnan, who has alleged that he was threatened by Dawood's top aide Chhota Shakeel to back out.

When Dawood Ibrahim fled India, he left behind property worth crores, whose value has gone up significantly in the past few years.

Balakrishnan, who runs an NGO, has participated in the auction this time as he wants to set up an education centre for poor at Pakmodia Street that was sealed in 2013.