The Story Behind "Scam 2003: The Telgi Story"

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Scam 2003 was a massive stamp paper fraud that took place in India between 1992 and 2003. The scam was masterminded by Abdul Karim Telgi, who printed and sold counterfeit stamp paper worth an estimated Rs. 20,000 crore to Rs. 30,000 crore (US$2.6 billion to US$3.6 billion).

Today in the blog, I will explain the upcoming SONY LIV series Scam 2003: The Telgi Story and the Main Scam in 2003.

Table of Contents

Story of Scam 2003

In 1992, Abdul Karim Telgi, a small-time businessman from Karnataka, India, began printing counterfeit stamp paper. He was able to do this because the government’s system for issuing stamp paper was very lax. Telgi’s counterfeit stamp paper was sold to businesses and individuals all over India. He used the money he made from the scam to buy luxury cars, homes, and other assets. He also bribed government officials to keep the scam going.

The scam was finally exposed in 2003, and Telgi was arrested. He was convicted of fraud and sentenced to 30 years in prison. He died in prison in 2017.

The Scam 2003 was one of the biggest financial scandals in Indian history. It highlighted the need for reforms in the government’s system for issuing stamp paper. The scam also led to the arrest of several government officials, who were accused of taking bribes from Telgi.

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How the Scam Worked

The scam worked like this: Telgi would print counterfeit stamp paper that looked exactly like the real thing. He would then sell this counterfeit stamp paper to businesses and individuals at a fraction of the cost of the real thing. The businesses and individuals would use the counterfeit stamp paper to pay taxes, fees, and other government dues.

Telgi was able to get away with this scam for so long because the government’s system for issuing stamp paper was very lax. There was no central database of stamp paper, so it was difficult for the government to track how much stamp paper was being issued. This made it easy for Telgi to print counterfeit stamp paper without being caught.

The Aftermath of the Scam

The Scam 2003 had a devastating impact on the Indian economy. The government lost billions of rupees in revenue, and businesses and individuals were left with worthless counterfeit stamp paper. The scam also led to a loss of trust in the government, and it made it more difficult for businesses to operate in India.

In the wake of the scam, the government made several reforms to the system for issuing stamp paper. A central database of stamp paper was created, and new security features were added to stamp paper to make it more difficult to counterfeit. The government also cracked down on corrupt government officials who were involved in the scam.

The Telgi Story

Abdul Karim Telgi was born in 1956 in Karnataka, India. He started his career as a small-time businessman, selling vegetables and fruits. In the early 1990s, he moved into the stamp paper business. He quickly realized that the government’s system for issuing stamp paper was very lax, and he began printing counterfeit stamp paper.

Telgi’s counterfeit stamp paper business was very successful. He was able to sell counterfeit stamp paper to businesses and individuals all over India. He used the money he made from the scam to buy luxury cars, homes, and other assets. He also bribed government officials to keep the scam going.

The scam was finally exposed in 2003, and Telgi was arrested. He was convicted of fraud and sentenced to 30 years in prison. He died in prison in 2017.

The Telgi story is a cautionary tale about the dangers of corruption. It shows how a small-time businessman was able to become a multi-millionaire by exploiting a lax system. The scam also highlights the need for reforms in the government’s system for issuing stamp paper.

SONY LIV Upcoming series Scam 2003: The Telgi Story

SonyLIV is set to release a new web series called Scam 2003 – The Telgi Story on September 2, 2023. The series is based on the true story of Abdul Karim Telgi, who masterminded a massive stamp paper fraud that shook India in the early 2000s.

The series is directed by Hansal Mehta, who is known for his work on critically acclaimed films such as Scam 1992: The Harshad Mehta Story and Aligarh. The cast includes Gagan Dev Riar as Telgi, Mukesh Tiwari as CBI officer YP Singh, and Satyam Srivastava as journalist Sanjay Singh.

Scam 2003 – The Telgi Story is sure to be a hit with fans of true crime. The series promises to be a gripping and suspenseful account of one of the biggest financial scandals in Indian history.

IF you watched Scam 1992, You gonna be the fan of the series too! Watch the trailer!! Its BOOM!