Tone and style The show favors a muted, procedural aesthetic over flashy sensationalism. It balances newsroom interrogation, bureaucratic rot, and the quiet, meticulous labor of counterfeiting. The result is tense but measured — more like a slow-burn expose than a melodramatic thriller.
The investigation into the scam revealed that Telgi's gang had circulated fake notes across several states, including Maharashtra, Karnataka, and Gujarat. The gang had also forged documents, including PAN cards, Aadhaar cards, and other identification proofs, to create a web of legitimacy around their operations.
: Season 1 was released in two parts. The first five episodes premiered on September 1, 2023, and the remaining five followed on November 5, 2023.
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The show exposes the vulnerabilities within the Indian administrative system, where manual record-keeping and a lack of digital verification allowed a parallel economy to thrive for over a decade. Performance and Direction Highlights Gagan Dev Riar’s Breakthrough
Scam 2003: The Telgi Story (Season 1) is a biographical financial thriller that serves as a spiritual successor to the hit series Scam 1992 . Directed by with Hansal Mehta as showrunner, the series chronicles the rise and fall of Abdul Karim Telgi, the mastermind behind a multi-state stamp paper counterfeiting scandal valued at roughly ₹30,000 crores. Essential Viewer's Guide Streaming Platform: Exclusively on SonyLIV . Total Episodes: 10 episodes, released in two volumes.
The Indian streaming landscape has found a goldmine in real-life financial thrillers. Following the massive success of Scam 1992: The Harshad Mehta Story , Applause Entertainment and SonyLIV returned with Scam 2003: The Telgi Story . This Hindi-language drama series chronicles the rise and fall of Abdul Karim Telgi, the mastermind behind one of India's most ingenious and far-reaching financial frauds: the stamp paper scam. Directed by Tushar Hiranandani and helmed by showrunner Hansal Mehta, Season 1 offers a gripping look into the mechanics of corruption, greed, and individual ambition. The Rise of Abdul Karim Telgi
Riar captures Telgi’s unassuming, "common man" appearance, making his transition into a ruthless criminal mastermind even more chilling.