Staff Correspondent

Belgaum: The auction of properties in the name of the late Sharifabi Ladsab Telgi, mother of kingpin in the multi-crore stamp paper racket, Abdul Kareem Telgi, conducted by officials of the Income Tax department, fetched about Rs. 12 lakh on Wednesday.

The auctions were conducted to recover tax arrears worth Rs. 32.83 lakh. As many as 16 separate pieces of property in the name of the late Sharifabi in Khanapur town had been slated for auction. But, bidders showed interest in only three sites.

B.P. Desai of Panjim, Goa, was the sole bidder for the site measuring 316 square yards, which consisted of a residential building and open space. As no other bidder came forward to bid higher than the reserve price of Rs. 5.2 lakh fixed by the IT department, he won the bid for the same price. The Bhutnath Credit Co-operative Society, Khanapur, raised its bid by just Re. 1 over the reserve price of Rs. 5 lakh to win the auction conducted for site measuring 391 square yards, including the standing commercial complex.

Another bidder N.M. Mayekar from Kolhapur won the bid in respect of an open site measuring 316 square yards for Rs. 1.76 lakh.

Income Tax Inspector K.P. Tulasi, who conducted auction, said the department would conduct auctions for the remaining properties after some days. Though the auction was first slated for December last, it could not be conducted as no bidder came forward.

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