Counterfeiting Career
Telgi moved to more complex counterfeiting when he began to counterfeit stamp paper. He appointed 300 people as agents who sold the fakes to bulk purchasers, including banks, insurance companies, and share-broking firms. The size of the scam was estimated to be more than 20,000 crore (US$3.64 billion).
One aspect of the scandal that caused much concern was that it required the involvement of many police officers and other government employees. For example, one Assistant Police Investigator was found to have a net worth of over 100 crore (US$18.2 million), despite making a salary of only 9,000 (US$163.8) per month.
On 17 January 2006 Telgi and several associates were sentenced to ten years' rigorous imprisonment. On 28 June 2007 Telgi was sentenced to rigorous imprisonment for 13 years for another aspect of the scandal. He was also fined a Rs 100 crore. The Income Tax Department requested that Telgi's property be confiscated to pay the fine.
Read more about this topic: Abdul Karim Telgi
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