Telgi scam
Wednesday, August 09, 2000
He began printing fake stamp paper. He appointed 300 people as agents who sold the fakes to bulk purchasers, including banks, FIs, insurance companies, and share-broking firms. His monthly profits have been estimated as being in the neighbourhood of Rs 202 crore (slightly more than US $40 million). The size of the scam was estimated to be more than 20,000 Cr Rupees.
Event list
Telgi arrested in Ajmer, Rajasthan by Bangalore city police team. He is lodged in Bangalore central prison. Apparently with help of prison staff, Telgi continued to run his camp from jail.
Assistant Inspector Dilip Kamat was arrested for providing facilities to Telgi in police custody.
Sitting MLA Anil Gote from Dhule district of Maharashtra is arrested
A videotape emerged in September of Abdul Karim Telgi taking a Narco Analysis test. Under the influence of the supposed truth serum, Telgi is said to have blurted out the names of Nationalist Congress Party leaders Sharad Pawar and Chaggan Bhujbal. Pawar has never been publicly linked to the case, but was forced to go public with a denial.
Telgi was sentenced to rigorous imprisonment for 13 years and fined a whopping Rs 202 crore on various counts in one of the main cases of the scandal. Hours after Telgi pleaded guilty and repented his actions, Judge Chitra Bedi of a special court pronounced the quantum of punishment under various sections of the IPC and the Maharashtra Control of Organised Crimes Act. This is the harshest punishment given to Telgi in any of the fake stamp paper cases he has been convicted for so far in Maharashtra and Karnataka.
Krishna Yadav, former labour minister of Andhra Pradesh and sitting MLA, is arrested.