The episode belongs to . Portraying Telgi as an underdog rather than a hero, Riar delivers an earnest, understated performance. He avoids the temptation to turn the scammer into a glamorous anti-hero, instead presenting a mundane man consumed by hunger for more. The show's background score, which retains the theme music of Scam 1992 , adds a layer of continuity and gravitas to the narrative.
, Episode 3, titled "Khota Sikka" , marks a pivotal transition as Abdul Karim Telgi moves from small-time fraud to orchestrating his massive counterfeit stamp paper empire. Episode 3 Review: "Khota Sikka"
The buyers, mostly unaware of the fact that they were buying forged stamp papers, would use them to register their property transactions. The government, on the other hand, would lose huge revenues in the form of stamp duty and registration fees.
The episode highlights the sheer audacity of Telgi's plan. He recognizes that fake stamp papers are not just a product, but a tool to manipulate high-ranking officials and dominate the legal document market. Scam.2003.The.Telgi.Story.Hindi.S01E03.Khota.Si...
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According to IMDb recaps of Scam 2003 Episode 3 , this episode marks the transition of Abdul Karim Telgi (played brilliantly by Gagan Dev Riar) from a small-time counterfeiter working with partners to an independent, ruthless operator.
The second installment of Hansal Mehta’s acclaimed Scam franchise, Scam 2003: The Telgi Story , chronicles the meteoric rise and catastrophic fall of Abdul Karim Telgi. Directed by Tushar Hiranandani, the series meticulously unpacks India's infamous ₹30,000 crore stamp paper counterfeiting case. The episode belongs to
This episode focuses on the "incubation" of the scam, showing Telgi's shift from just selling fake stamps to becoming a manufacturer.
"Khota Sikka" translates to a counterfeit or useless coin, reflecting how society viewed Telgi and how his initial operations were small-scale.
Telgi uses his low-class origin as a weapon, exploiting the elite's arrogance because they never expect a former fruit seller to outsmart them. The show's background score, which retains the theme
This betrayal pays off handsomely. More rewards his loyalty by helping Telgi secure a lucrative agreement worth lakhs of rupees, specifically for the creation of backdated stamp papers for a gift deed. The deal is shady, illegal, and immensely profitable.
The showrunners (Hansal Mehta, Sameer Nair) spend the majority of the runtime demonstrating, not just telling. We see Telgi sourcing raw materials, testing watermarks with hair dryers, and perfecting the counterfeit judicial stamp that looks identical to the real one. For forensic accounting enthusiasts, this is a masterclass.
I should also think about the structure: start with an engaging hook about corruption and truth. Then introduce the web series and real scam. Then delve into the real events, then the web series take, then themes like truth vs. power, human resilience, etc. Maybe conclude with why this story is relevant today.
The episode brilliantly showcases Telgi’s innate ability to read people and systems. When his former associate Kaushal rejects a business proposition out of fear, Telgi doesn't push him; he simply moves on, understanding that Kaushal lacks the stomach for this level of corruption. Where the previous episodes showed Telgi as a bumbling novice, “Khota Sikka” reveals the predator. He doesn’t just bribe people; he buys their relevance. He realizes that corruption isn't a bug in the Indian political system; it’s the feature he can exploit.