Scam 2003: Know About Abdul Karim Telgi, the Real Mastermind Behind India’s Biggest Financial Scam

03 Sep, 2023 Author: Ayushee Joshi

Scam 2003 Real Story: The recent SONY Liv Originals show ‘Scam 2003’ has been lately a topic of discussion due to the depth and realistic approach of the story. Directed by Hansal Mehta and Tushar Hiranandani, the show is the second season of the franchise, with the first season ‘Scam 1992’ released in 2020. The story is based on the real life of India’s biggest financial fraudster Abdul Karim Telgi. Scam 2003, a five-episode story now streaming on Sony LIV, centers on the notorious Telgi fraud, which involved Rs. 30,000 crores and devastated the country’s financial situation. While the show is gaining a lot of attention from the public, the story of the real mastermind of the biggest fraud scam is yet unknown to many.

Let us dive right into the life of Abdul Karim Telgi, the man who shook the financial system of the country to the core with a massive Rs. 30,000 Cr Scam.

Who is Abdul Karim Telgi

One of the largest stamp scandals in India is reported to have involved the name of Abdul Karim Telgi, an Indian counterfeiter who was involved in a significant controversy involving counterfeit stamp paper. The creation and distribution of counterfeit stamp sheets, which are essential for business and legal activities, were part of Telgi’s fraud. In his initial days, he would make several fake documents to let workers get through the airport without any hindrance, even if their passports were stamped with an ECR (emigration check needed) or had other problems that may cause concern for immigration officers. This method is termed as “pushing.”

How Abdul Karim Telgi Became the Biggest Scammer of India

To send workers to Saudi Arabia, Telgi established a firm in India. He then established Arabian Metro Travels at New Marine Lines, where he used to fabricate paperwork for hassle-free passage at the airport. The approximate value of Abdul Karim Telgi’s fraud was Rs.300 billion (Rs.30,000 crore). He had 300 assistants who helped him sell bogus stamps to financial institutions (banks), insurance providers, and stock brokerages. Even some government employees and police personnel were associated with Telgi.

Telgi also admitted in his confession to allegedly bribing some prominent politicians from that time. He admitted to paying Rs.20 billion to notable Karnataka and Maharashtra politicians and police officials. The Indian government suffered huge financial losses as a result of his counterfeit stamp paper scam, which prompted several legal and investigative proceedings in the case. Telgi was arrested in 2001 and sentenced to jail after being accused of a number of charges including counterfeiting and forgery.

Abdul Karim Telgi Early Life

Abdul Karim Telgi was born in 1961 and his father worked for Indian Railways. After his father’s death, Telgi sold fruits and vegetables on trains to help pay for his schooling at the English-medium Sarvodaya Vidyalaya Khanapur and soon relocated to Saudi Arabia. After returning to India seven years later, he started a career in counterfeiting, first specialising in fake passports.

Abdul Karim Telgi’s Net Worth

Abdul Karim Telgi had a whopping net worth of Rs. 17,000 crore in 2003. He allegedly has 36 properties worth more than Rs.100 crore across the nation. Telgi married Shahida and had a daughter named Sana. It was in 2017 when Shahida Telgi asked the court to honour her husband’s plea to have all nine of his properties seized.