Adam Naseer confirmed winning bidder with MVR 11.6 million, for house sold by bank

Acquitted drug dealer Adam Naseer of H. Reendhooge has been confirmed the winning bidder with MVR 11.6 million for a house in Male’.

Sun Online understands that H. Kanburu Villa was auctioned by the State Bank of India (SBI) after a customer failed to repay a loan.

Four parties participated in the auction won by Adam Naseer.

Meanwhile, following a Civil Court order last month, the police have repaid the MVR 5.5 million seized from Adam Naseer’s house in relation to drug-related suspicions.

Adam Naseer was released after both Civil Court and High Court found him not guilty of the claims against him.

SBI said in an announcement that the eight storey house Kanburu Villa occupies 848 sq ft, and while people live on three floors of the building, the construction of the other five floors remains halted after the concrete work.

An official of SBI told Sun Online today that the deadline for the auction was today, and that the winning bidder had been duly informed. He did not disclose the name of the winning bidder.

SBI said in its announcement that the winning bidder must pay the proposed price within 45 days, failure to do which would void the bid.

The unpaid loan amount had reached MVR 7.7 million by the end of April 2013. The court granted permission to the bank to sell the house in September 2012.