Hansal Mehta’s ‘Scam 2003: The Telgi Story’ traces the extraordinary rise of Abdul Karim Telgi, a once-humble fruit seller-turned counterfeit stamp paper kingpin


In the title sequence of Scam 2003: The Telgi Story, we see Abdul Karim Telgi get sucked into a whirlpool of stamps. In the background, trucks full of stamp papers dump tenders on the ground forming large heaps. Telgi eventually drowns in the whirlpool as his hand reaches out for help — is it really asking for help? Or is the clenched fist supposed to signify his triumph over a corrupt system that once subjugated him?

Hansal Mehta’s Scam 2003 traces the rise of Abdul Karim Telgi (played by the versatile Gagan Dev Riar) and his Rs 33,000-crore stamp empire. A humble fruit seller from Hyderabad who at one point also helped labourers migrate to the Gulf, Telgi is sucked into the world of counterfeit stamp papers, courtesy his prison mate Kaushal Jhaveri (Hemang Vyas).

Simplicity meets ruthlessness

What started off as selling old adhesive stamps for profit goes on to become a multi-crore empire, with Telgi owning his very own stamp paper-printing machine and commanding a strong monopoly over the market. But be warned, Scam 2003, while thrilling, isn’t as glamorous as Scam 1992: The Harshad Mehta Story. In fact, the protagonists of two shows stand in sharp contrast to each other — while Harshad Mehta (Pratik Gandhi) oozes charm with his well-fitted coats and sharp kurtas in corporate corridors, Telgi is often seen sporting plain shirts as he makes his way through suburban Mumbai.

Telgi is Harshad’s distant cousin who is less charismatic but carries the same ruthlessness in his genes. Harshad’s charisma is traded for Telgi’s simplicity (which is just as compelling if not more). If Harshad and Telgi walk into a room today — Harshad would make heads turn and Telgi might just go unnoticed. But Telgi might just outsmart everyone in the room (including Harshad) with his conniving tactics.

Showrunner Hansal Mehta was asked in an interview if Harshad’s charm was meant to humanize the character. It is, therefore, not surprising that in the spiritual sequel to the show, Mehta roots Telgi in humility. Not once does Gagan Dev, who plays the stamp counterfeit mastermind, comes off as intimidating or menacing. In most scenes, it is Telgi’s money and his influence which does the talking. He approaches one politician after another, bribes them and asks for “friendship” in return.

The balancing act

For once, we see a criminal mastermind whose demeanour doesn’t make his shady business obvious. We might not come across a Harshad Mehta every day but Telgi seems like the man we might walk past on the street. We might just underestimate his abilities (which he would certainly use to his advantage).


Some of Telgi’s accomplices, who help him build the empire, include politicians Tukaram (Sameer Dharmadhikari) and Garima Talpade (Bhavana Balsavar), policeman Dombe (Nandu Madhav), advocate Ganesh Kamble (Nikhil Ratnaparkhi), Nashik Security Press manager Madhusudhan. What is their common trait, you ask? They are all hyenas (as Telgi calls them) who he must feed to keep the empire running. He is aware that if one day the system were to collapse, he will be scapegoated and other players will walk scot-free.

Telgi has to walk a tough line to keep all the hyenas well-fed and satisfied. Being in the good books of the ruling party isn’t enough; he has to be watchful of the opposition, too. The entire system rests on Telgi’s shoulders and he must perform this balancing act in a business where only the most ruthless survive.

A new catchphrase

Scam 2003 does have a few shortcomings. For starters, Telgi’s relationship with his wife, Nafisa (Sana Amin Sheikh), is barely explored. There is only a conversation-and-a-half between the couple and their relationship dynamics never really come to the forefront. Unlike the crackling chemistry between Harshad Mehta (Gandhi) and his wife Jyoti Mehta (Anjali Barot) which made the catchphrase “Risk Hai Toh Ishq Hai” a cultural phenomenon, the lack of spark between Telgi and Nafisa dampens the spirits. This time, we do get a new catchphrase “Kuch toh daring karna padega na, darling!” (You’d have to do something daring, my darling!), but it fails to replicate the magic of its predecessor.

A pivotal moment in the series comes in episode 4 when Telgi tries to bribe Madhusudhan, the Deputy Manager of Nashik Printing Press. Being a man of principle and “incorruptible like Raja Harishchandra” as Telgi’s friends describe him, Madhusudhan shoots down Telgi’s attempts to bribe him. An incorrigible Telgi pulls some strings with politicians to get Madhusudhan promoted to the post of General Manager. On discovering that Telgi’s bribe got him a promotion, Madhusudhan confronts the former with angst.

Madhusudhan says, “I don’t need such a promotion. What about my hard work? A crook was able to accomplish what my hard work couldn’t in years”. The anguish in the voice of gray-haired Madhusudhan, who lived an honest life, is palpable. “In a moment, your dishonesty defeated my integrity,” he cries. To this, Telgi says, “The system couldn’t recognize your hard work, I did. It is up to you. Do you want to join hands with me or work for the system?”

Irreverent portrayal of moral dilemmas

The commentary in the scene cuts like a dagger through flesh. In a nation ruled by the corrupt, integrity is seldom valued. In a system where the top brass have compromised their ethics, there is only so much low-level employees like Madhusudhan can do to keep their moral compass intact. Eventually, reality sinks in. In a ‘dog-eat-dog’ world, one either has to be hand in gloves with the corrupt to prosper. It is this irreverent portrayal of moral dilemmas that elevates the brilliance of Scam 2003.

Towards the end of the fifth episode, we see Telgi spiral out of control — he is hell bent on crushing competition, shutting down Nashik press and maximizing his profits. His lust for money gets the best of him and his imminent downfall begins. In one scene, he beats up Suleiman (Mohd Yusuf Khan), a member of his own cartel, for stealing. In a telling moment, Suleiman looks at Telgi and says, “You are a thief too. You bribe every living thing”. It is the first time Telgi is confronted with cold, brutal reality — he is a thief whose hand has greased the palm of every policeman and politician in Mumbai.

Is Telgi’s hand, which he used to bribe the powers that be, asking for help in the opening credits or signifying his triumph over the system? While it may not be possible to answer this before the second volume premieres in November, the fact remains that Telgi is being sucked into the whirlpool. And from what it seems, it is a difficult place to come back from.

The first five episodes of Scam 2003: The Telgi Story are streaming now on SonyLiv

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