Scam 2003: All about Abdul Karim Telgi - Rs 30,000 crore stamp paper scam mastermind

Scam 2003: The Telgi Story will make its OTT debut on September 1. The show is based on the life and times of Abdul Karim Telgi, the mastermind behind the 2003 Stamp Paper Scam that shook the nation. The financial fraud, commonly referred to as the Telgi Scam, began in 1992 and came to light more than a decade later, in 2003. 

The fraud was about a highly organised counterfeit stamp paper racket that operated across numerous states in India and had an estimated value of more than Rs 30,000 crore. As a result, Abdul Karim Telgi, the man behind the scheme, was awarded 30 years jail term and fined Rs 202 crore.

2 things you need to know 

• Scam 2003: The Telgi Story is directed by Tushar Hiranandani.
• Gagan Dev Riar plays the role of Abdul Karim Telgi in the show.

Who was Abdul Karim Telgi?

Abdul Karim Telgi was born in 1961 at Khanapur, a small panchayat village in Karnataka that shares its border with Maharashtra. His father came from a lower-middle-class background and worked for the railroads. Telgi was compelled to find odd jobs after the death of his father. Reportedly, he sold food on trains.

(Abdul Karim Telgi was born in Karnataka | Image: X)

He relocated to Saudi Arabia in order to earn money. Upon his return, he allegedly experimented with creating phony passports before moving on to creating false stamp sheets. 

Rise of fake stamp paper racket

Stamp papers were in high demand due to their low availability. To print the stamp papers, Telgi obtained the outdated equipment that Nashik Security Press had deactivated and sold off at an auction. He initially charged 100 cents for each stamp paper. 

(Abdul Karim was arrested in 2001 | Image: X)

His customers were common people, banks, brokerage firms and insurance companies. He also produced notarial stamps, judicial court fee stamps and phony stamp sheets. Reportedly, some police officers were also involved in the racket and were later arrested. 

Arrest and death of Abdul Karim Telgi

In November 2001, Telgi was ultimately apprehended when the police received a tip that he was making his way to Ajmer, Rajasthan, for a religious pilgrimage. He was found guilty of the scam in 2007 and was sentenced to 30 years in prison and a fine of Rs 202 crore. Telgi passed away in 2017 after multiple organ failure. A year after his passing, he was acquitted by the Nashik Sessions Court due to lack of evidence.