Abdul Karim Telgi, a former fruit seller and travel agent, identified a flaw: India’s stamp paper system relied on physical security features and centralized printing at the Security Printing and Minting Corporation of India (SPMCIL), Nashik. By bribing officials and acquiring similar paper, ink, and numbering machines, Telgi produced near-indistinguishable counterfeit stamp papers. These were sold at 40-50% discounts to brokers, lawyers, and registrars.
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