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ABDUL KARIM TELGI SCAM Flipbook PDF

ABDUL KARIM TELGI SCAM


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ABDUL KARIM TELGI SCAM

BY SOUNDARYA A

An individual who used to work at a railway station as a fruit seller. One of the biggest frauds in India and the scam worth is ₹32000crs. Telgi’s network spread across 13 states involving 176 offices, 1000 employees and 123 banks in 74 cities. Movie known as ‘MUDRANK’ was made in 2008 based on Telgi scam. He was born in 1961.

Telgi’s mother is house wife

Telgi’s father was railway’s class 4 officer, his father did his job with utmost sincerity & hard work.

Due to his job, his entire family had to shift to Khanapur (Belgaum district in Karnataka) and Abdul grew up there.

When Abdul reached 7-8years, his father died due to diabetes and other illness

He has two brothers ABDUL RAHIM and ABDUL HAZIM. After death of their father, they used to sell fruits at khanapur railway station. At that time in station 10-12 trains used to halt, their livelihood depended based on those people.

After completing his schooling, Abdul joined Gogte college of commerce as Bcom student. After his graduation, he started searching for a job.

Initially he found it a bit diffcult to find jobs.

Then he directly went to mumbai. Once he reached, he landed a job at Fillix India as a sale executive. He was not able achieve the targets and due to bad performance, he lost his job.

After that, he found another job, south Mumbai’s Kishen guest house as Manager. After working there for a while, he wanted to travel to middle east to earn money. He got to know that if you go to middle east, he can earn a lot of money.

Hence in 1986, he went to Saudi Arabia. He worked there a couple of years.

he had to leave certain jobs as well, as he wasn’t working properly.

when he understood, that nothing good is happening. He came back to Mumbai again.

That’s where his scam journey started From the beginning, Abdul was interested in quick money. Rather than, earning through hard work.

He saw that there were a lot of travel agents.

Who prepare fake passports and visas of people Through which they earn a lot of money too. He saw those businesses and thought to himself that if he starts a business like this then he will also a lot of money. Hence, he started a company named Arabian Metro Travels. Most people who wanted to travel to middle east, they didn’t have proper documents. Most of them were not even eligible for this.

Then Abdul used to tamper their documents and used to make sure that they would be able to get through the immigration clearance quite easily.

He did this for a few years. And through this, he earned a lot of money. But once Immigration officials caught him redhanded, due to which he was locked behind bars.

According to the Immigration Act, under the offence of cheating. He was kept in jail for some time and sometime happened here, which strengthened his fraudulent. In jail, Abdul met Ratan Soni who used to deal with stock exchange deals and he was arrested related to that fraud. Ratan started guiding Abdul and told him that if you want to commit a crime, then do a huge crime. Don’t get involved in small crimes. At the same time, he gave an idea of fraud to Telgi.

He told about government’s stamp paper office, no one pays much attention to that.

Once they were out of the jail, both started working on the scam. They have taken help of Politicians and government officials. they made good connections with them and fill their accurate pockets at the right time.

In 1994, they applied for a stamp vending license, so that when they start selling fake stamp papers then no one doubt them. Indian govt. has an Indian security press where the stamp papers were printed. When the machineries used to get junked, then it used to be auctioned or it used to be sold in trash. Abdul went to the auction and started buying those machinery and also made some contacts with the staff at Indian security press.

Later, due to some difference Ratan soni and Abdul got separated

Abdul started operating his stamp fraud in the form of a huge organisation. Fake stamp papers, non judicial stamps, Revenue stamps, Notarial stamps, Broker notes, Share transfer certificate, Insurance Agency stamps. He started preparing duplicates of all these. In order to operate his scam on a huge level. He hired 350 agents, with the help of them he started selling these fake stamp papers to Banks, Insurance companies, Stock brokerage firms in bulks.

He will have to create a shortage in market. So, with help of some government officials and policitians. They started to send real stamp papers on fake address He started spreading his stamp paper fraud very rapidly in 18states.

In 2000, Bangalore police got a tip that a two people are transporting fake stamp papers. Police went there and conducted a raid. Due to the raid, they got hold of stamp papers.

They started investigating in detail. Initially, they didn’t tell anything but later they revealed everything.

Police immediately started tapping Abdul’s phone. Then they started searching him.

After a few days, police got a till that he is travelling to Ajmer. Police went there and arrested him.

He was sentenced 30 years in prison and also find him with ₹202crores. While serving his sentence, he died in the year 2017 due to health issues.

VIOLATION OF COMMANDMENTS OF BUSINESS ETHICS

❖Be honest,truthful, open and sincere. ❖Have integrity. ❖Keep your word and abide by the spirit as well as letter of the law. ❖Be faithful and never disclose confidential information. ❖Always be fair. ❖Care for others. ❖Be a responsible citizen. ❖Always be accountable.

MORAL OF THIS SCAM OUR OWN ACTIONS OR FAILURES TO ACT WILL DETERMINE OUR FUTURE. WE PEOPLE ARE IN CHARGE OF THIS WORLD.