[vc_row][vc_column][vc_column_text]Telgi was sentenced to 30 years rigorous imprisonment in 2006 and slapped with a fine of Rs202 crore, he had been lodged in a Bengaluru prison for the past 16 years
Abdul Karim Telgi, kingpin of the multi-crore fake stamp paper scam that made international headline nearly two decades ago, died of multiple organ failure at a government hospital in Bengaluru on Thursday.
According to a report by news agency PTI, the 56-year-old Telgi died around 3.55pm at Bengaluru’s Victoria Hospital, where he had been admitted with meningitis a few days ago.
According to the doctors, the high-profile convict was on ventilator and life support after he suffered a multiple organ failure.
Telgi was sentenced to 30 years rigorous imprisonment in 2006, besides being slapped with a whopping fine of Rs202 crore. He had been lodged in the Parapana Agrahara central jail in Bengaluru for the last 16 years.
The fake stamp-paper scam kingpin was arrested in Ajmer in November 2001 in connection with the fraud that was estimated to be worth several crore of rupees. Between 1992 and 2002, investigative agencies had filed a total of 12 cases against Telgi relating to counterfeit stamps in Maharashtra alone. As many as 15 cases on similar charges had been filed against him in other parts of the country and it was believed that his fake stamp paper racket extended across a dozen Indian states.
Son of a Class 4 railways employee, Abdul Karim Telgi, was first arrested in 1991 by Mumbai Police for cheating. However, the years that followed saw a meteoric rise in his social, criminal and financial profile.
According to reports published by various media organisations when Telgi was arrested and later convicted in the scam, he had acquired a stamp paper licence in 1994 and, apparently through his political connections cutting across party lines, had procured machinery from Nashik Security Press which had been declared as ‘junk’.
Telgi and his aides made use of equipment discarded by the India Security Press (ISP) at Nashik and were able to get the assistance of technical personnel, both serving and retired, of the ISP. In a short span of time, Telgi and his henchmen obtained raw materials, such as specialty paper needed for printing the stamp papers, from sources that supplied the ISP and affixed the same security marks as used by the Security Press. Over the next few months Telgi started printing counterfeit stamp papers, judicial court fee stamps, non-judicial stamps, revenue stamps, special adhesive stamps, notarial stamps, foreign bills, brokers notes, insurance policies, share transfer certificates and insurance agency stamps.
According to reports in the Financial Express, Telgi used to sell these fake stamps to bulk purchasers, including banks, insurance companies, and stock brokerage firms. He had appointed as many as 350 people as agents who sold his counterfeit stamps and other documents to bulk purchasers.
Though Telgi had been convicted in the fake stamp paper case over a decade ago, the exact monetary estimate of the scam that he had managed to pull off is not known till date. The initial value of the fraud had been estimated to be around Rs 2000 crore. In the years that followed after his con was exposed and investigated, this estimate rose to a whopping Rs 26000 crore. Some investigators have even pegged the scam to be worth Rs 32000 crore.[/vc_column_text][/vc_column][/vc_row]