Where are Telgi’s missing millions? | mumbai | Hindustan Times
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Where are Telgi’s missing millions?

Seven years after Abdul Karim Telgi was arrested as the kingpin behind the multi-crore fake stamp paper scam, one question remains unanswered: Who has seen Telgi’s millions? Debasish Panigrahi reports.

mumbai Updated: Mar 29, 2010 01:47 IST
Debasish Panigrahi

Seven years after Abdul Karim Telgi was arrested as the kingpin behind the multi-crore fake stamp paper scam, one question remains unanswered: Who has seen Telgi’s millions?

It was touted to be a scam worth more than Rs 6,000 crore. The figure came down to Rs 3,000 crore. The affidavit filed by the Central Bureau of Investigation (CBI) brought down the amount to Rs 178 crore.

CBI special prosecutor Raja Thakare stated that Telgi did not have even a lakh of rupees in the several accounts he and his wife’s bank accounts. “They (money) were in thousands,” Thakare said.

Inspector General of Police (IGP) Subodh Jaiswal, chief investigator of the scam, told Hindustan Times: “I can not discuss this matter over telephone.”

In 2003, when the scam was busted by the Special Investigation Team (SIT), it was said to spread across several states in the country, including New Delhi, Karnataka and Andhra Pradesh and could be worth more than Rs 6,000 crore.

This was based on the recovered consignment of fake stamp papers worth hundreds of crores and the assumption of more consignments already in the market.

According to Thakare, the CBI affidavit was based on the findings made by a special committee appointed specifically for ascertaining the amount involved.

Only one alleged property of Telgi, located opposite the Mumbai police commissioner’s office at the Crawford Market, which the designated court had attached following the accused’s arrest, had to be released after the trustees of the property filed a suit claiming the property never belonged to Telgi.