telgi scam

TELGI SCAM

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Introduction Early life of Telgi Key players The operation involvement Methods followed by Telgi Numerical figures Impact of Telgi scam Telgi death Conclusion

contents

Srimatha

Rajesh

Chandana

Venkateswarlu

Sriram

INTRODUCTON

Abdul karim telgi-the lead role of the fake stamp paper scamScam exposed links with various politician and top officialsOne of the biggest scam India has ever faced.Telgi’s network spread across 13 states involving 176 offices,1000 employees and 123 bank accounts in 74 cities.  

Early life

Born- 1961 Schooling-Sarvodaya Vidyalaya Graduation(B.Com)- Belgaum

college He moved to Saudi Arabia. Came

to Mumbai after seven years (1980s)

worked as a travel agent. Later he worked in a Colaba guest

house. 

Abdul Karim Telgi

Two MLAs- Anil Gote (MLA Dhule,Maharashtra) and Krishna Yadav(Himayat Nagar,Andhra Pradesh)

Former A.P.minister C.B.K.Yadav Former Mumbai Police Commissioner R.S.Sharma Former Joint Commissioner of Police, Crime

branch,Mumbai,S.S.Vaghal Former Deputy Commissioner (Detection) of Mumbai

Police,Pradip Sawant. Kishore patil(suspended IPS officer)

Key players

Stamp paper Judicial court fee stamps Non-judicial stamps Revenue stamps Special adhesive stamps Notorial stamps Foreign bills Brokers notes, insurance policies Share transfer certificates Insurance agency stamps

The operation involvement

His agents would first talk to the henchmen of politicians. As the next step he would build a chain of ‘reliable

contacts’ through the first contact and deals were struck in his presence.

Telgi would then offer them a State wide contract. Telgi floated several companies, including a film

distribution agency to facilitate his activity. He recruited unemployed youth to sell counterfeit stamps

at 2 per cent discount. Chit companies, along with courts and real estate agencies, were his prime targets.

Method followed by Telgi

The Special Investigating Team (SIT) of the Maharashtra Police put the total value of the scam at Rs.21,28,47,07,824.

Later this was revised to Rs.32,000 crores by the Union Home Secretary.

Seized fake stamps, valued at Rs.170 crores, displayed in Bangalore.

Numerical figures

EX-Finance Minister Jaswant Singh was Speaking in the Lok Sabha on a calling attention motion on the stamp paper scam, the minister said the agencies had registered 74 cases in this connection, with 15 against chief accused Abdul Karim Telgi.

Special Investigation Team (SIT) first taken the case during 1995-2003 and then hands over stamp scam cases to Central Bureau of Investigation (CBI) on April 13, 2004

On 17 January 2006, Telgi and several associates were sentenced to ten years rigorous imprisonment.

On June 28, 2007 Telgi was sentenced to rigorous imprisonment for 13 years.

Fined a whopping Rs. 202 crore on various counts in one of the main cases of the scandal.

Honorable Judge Chitra Bedi sentenced 42 other accused in the case, who too had pleaded guilty, to rigorous imprisonment for up to six years and imposed fines on them.

Mudrank film released on telgi scam on 2008.

Public sector bank became more responsible

Government verified the stock of Stamp Papers with

Authorized vendors.

Bank managers ensures that further transactions are

proper.

Impact of Telgi Scam

Abdul Karim Telgi, the prime

accused in the multi-crore fake

stamp paper scam, died in Indore,

Madhya Pradesh.

Telgi’s death

Arrested in 1991 by Mumbai police for cheating.

In 1994, Telgi acquires a stamp paper license, sets up office at Mint Road.

Telgi's fakes carried the same numbers and rea-ched the Mumbai market. 

conclusion

The fakes were then distributed to authorised vendors and sold along with genuine ones.

He appointed 300 people, including MBAs as agents who sold the fakes to bulk purchasers.

Several cases against him in the '90s. Finally arrested in August 2001.

The scam estimated to be more than Rs 43,000 crore.

Business spanning 74 centers in 13states over 10 years.

Quality of the fake stamps and stamp papers was as good as that of originals.

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Chandana -002Madhavi -008Srimatha -015Rajesh -029Venkjateswarlu-039Sriram -045