Fake stamp paper kingpin in critical condition: What is the Telgi scam?
In the stamp paper scam between 1993 and 2002, Telgi cultivated officers in the government security press in Nashik to print counterfeit stamp papers, purchased machinery at government auctions and sold the counterfeit stamp papers at heavy discounts.india Updated: Oct 24, 2017 12:24 IST
Multi-crore fake stamp paper mastermind Abdul Karim Telgi is battling for life as his condition is critical due to multiple organ complications.
Telgi, 56, is serving a 30-year sentence since 2007.
He started off as a vendor at Khanapur railway station. Telgi was imprisoned in 1993 in connection with a minor forgery case. Years later, he was convicted for masterminding a multi-crore fake stamp paper case.
In the stamp paper scam between 1993 and 2002, Telgi cultivated officers in the government security press in Nashik to print counterfeit stamp papers, purchased machinery at government auctions and sold the counterfeit stamp papers at heavy discounts.
The scam ran into hundreds of crores of rupees and was unearthed with Telgi’s arrest in 2001.
Investigations revealed he had links with politicians and senior police officers. There were about 40 cases against Telgi in 11 states.
The investigators found that the alleged scamster had 36 properties across the country and 123 bank accounts in 18 cities including Delhi, Mumbai, Bangalore, Chennai and Indore.
“A shortage of stamp paper engineered with the help of a few officials of the Indian Security Press at Nashik enabled Telgi to expand his illegal business throughout the country,” according to a Frontline report.
“The operation involved the sale of not only counterfeit stamp paper but also related items such as judicial court fee stamps, non-judicial stamps, revenue stamps, special adhesive stamps, notorial stamps, foreign bills, brokers notes, insurance policies, share transfer certificates and insurance agency stamps,” it added.
After illegally printing the stamp papers, Telgi sold them to bulk purchasers, including banks, insurance firms, and stock brokerage firms.
A diabetic with hypertension, jail authorities admitted Telgi to the hospital four days ago after he complained of uneasiness and difficulty in breathing.
With inputs from agencies