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Fake Stamp Paper Scam Mastermind Abdul Karim Telgi Dies, Here's How He Planned Rs 20,000 Crore Fraud

Indiatimes / Updated on Oct 26, 2017, 17:27 IST

The multi-crore fake stamp paper kingpin, Abdul Karim Telgi, died today at the Trauma Care Centre in Victoria Hospital, Bengaluru, Karnataka. He was declared dead at 3.55 p.m.

Telgi was battling for life after his condition deteriorated due to multiple-organ failure. He was suffering from meningitis was admitted last week in Bengaluru's Victoria Hospital.

AFP

He was serving 30 years imprisonment after being convicted in Rs 20,000 crore fake stamp paper scam.

Here is everything you need to know about the case and the architect:

1. Telgi was from Belgaum in Karnataka. His parents were employed in Indian Railways. He lost his father at an early age.

2. Telgi struggled in his young age and paid his school fee by selling fruits and vegetables.

3. Telgi moved to Saudi Arabia and returned to India years later. He started counterfeiting of passports.

4. Years later, Telgi started counterfeiting stamp paper from passports. In 1993, he was arrested for a minor forgery case.

5. Between 1993-2002, Telgi developed great connections with officers in government security press in Nashik to print counterfeit stamp papers. He purchased the machinery at a government auction and sold papers at heavy discounts.

AFP

6. Telgi appointed nearly 350 people as agents and sold the fake stamp papers to banks, insurance companies and stock brokerage firms and all concerned. 

7. The scam is estimated to be worth over Rs 20 thousand crores. 

8. Between 1992 and 2002, 27 cases were registered against Telgi. Twelve cases were registered in Maharashtra alone. However, his connections with top-notch people in the system kept him away from the grasp of law.

9. The scam was unearthed and Telgi was arrested in 2001 and the investigators found the links with many politicians and senior police officials.

10. The investigators revealed that Telgi had 36 properties across country with 123 bank accounts on 18 cities including big cities like Mumbai, Chennai, Bangalore, Delhi and Indore. 

AFP

11. On 28 June, 2007, Telgi was sentenced to rigorous imprisonment for 13 years for other aspects of the scam. He was also slapped with a Rs 202 crore fine in the case. 

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