Abdul Karim Telgi Net Worth 2023– In 2023, Tucker’s net worth 2023 around Was $1 Billion. In this article, we will learn about Abdul Karim Telgi Net Worth 2023, How much was their net worth he have?.
Abdul Karim, an Indian counterfeiter, made a living by producing counterfeit stamp paper. His operation expanded when he began to create more advanced counterfeit products. He employed 300 agents to distribute these fake products to bulk buyers, which included banks, insurance companies, and stock brokerage firms.
Telgi was experiencing meningitis and kicked the bucket on 23 October 2017 at Victoria Clinic, Bengaluru. He has been experiencing diabetes and hypertension for north of 20 years, other than different infirmities.
How Much Was Abdul Karim Telgi Net Worth 2023?
Abdul’s net worth in 2023 around Was $1 Billion. Reportedly, he owns 36 properties worth over INR 100 crore across the country. SonyLiv is set to release a new web series called “Scam 2003,” based on the true story of Abdul Karim Telgi, the mastermind behind India’s largest stamp paper scam. The series is adapted from journalist Sanjay Singh’s book, “Telgi Scam: Reporter’s Ki Diary,” which is credited with breaking the scandal. Another web series, “Paper,” released in 2020, is also based on Telgi’s story.
Abdul Karim Telgi conducted a fraudulent scheme that amounted to approximately ₹300 billion (US$3.8 billion). He had a network of 300 accomplices who distributed counterfeit stamps to prominent institutions such as banks, insurance companies, and stock firms. Even some government officials and police officers were complicit in Telgi’s activities.
The stamp paper scandal involved several government officials and politicians, with Telgi admitting to bribing the Agriculture Minister at the time, Sharad Pawar, as well as former Deputy Chief Minister of Maharashtra, Chhagan Bhujbal, and former Karnataka Minister, Roshan Baig. He claimed to have paid a total of INR 20 billion to top politicians and police officials in Karnataka and Maharashtra.
Abdul Karim Telgi and his wife Shahida Telgi had a daughter named Sana. The couple has largely remained out of the public eye, but in 2017, Shahida Telgi went to court to request the confiscation of all nine of her husband’s properties, in accordance with his wishes.
Telgi was suffering from meningitis and died on 23 October 2017 at Victoria Hospital, Bengaluru. He was suffering from diabetes and hypertension for over 20 years, besides other ailments.
How did Abdul Karim Telgi become India’s biggest scammer?
Abdul Karim Telgi established a company to send workers to Saudi Arabia and later founded Arabian Metro Travels in Mumbai. There, he created fake documents to facilitate airport formalities. His fraudulent stamp paper scheme was worth a staggering Rs. 30,000 crore and involved a network of 300 assistants, including government employees and police personnel. Telgi confessed to bribing politicians and police officials in Maharashtra and Karnataka for Rs. 20 billion. His arrest in 2001 sparked legal actions and investigations into the massive scam.
The effects on the financial system of India.
The illegal activity led by Telgi had a devastating impact on India’s financial system. Banks, insurance companies, and stock brokerages were sold counterfeit stamp sheets, causing significant damage and distrust. The government suffered substantial financial losses and responded with legal and investigative measures against Telgi and his network.
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