JUSTICE WAS was finally delivered when the prime accused in the fake stamp paper case, Abdul Karim Telgi was sentenced to 7 years rigorous imprisonment. The verdict was passed by a special court. Special Court Judge, Chandrashekhar Patil, who sentenced 16 others to 5 years rigorous imprisonment.
The key accused Telgi was slapped with a fine of Rs 50,000 each for the two charges against him viz sections 256 and 259 of the Indian Penal Code, and the other 16 accused were slapped with a fine of Rs 10,000 each. Telgi was charged with possession of material for printing fake stamp papers.
Telgi was convicted in 46 similar cases across the country that also included 7 in Bangalore. On September 14, Telgi and other 16 co-accused were convicted by the Special Court in the case registered in Madivala police station,Bangalore, in 2001.
Apparently, the government had given Telgi the stamp paper license and he began printing fake stamp papers. Under him, 300 people worked as agents who were held responsible for selling the fake papers to bulk purchasers that included banks, FI's, insurance companies and share broking firms et al.
The value of the scam was calculated a bit more than Rs 43,000 crore and his monthly profits were calculated at Rs 202 crore (approximately US$40 million).
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