Scam.2003.the.telgi.story.hindi.s01e03.khota.si... Jun 2026
Premiering on SonyLIV on August 31, 2023, “Khota Sikka” is the first real turning point in the series. This episode moves beyond the building of a criminal enterprise and digs into the psychology of a man who decides to play the system from within. It’s here that Telgi learns his most valuable lesson: in the game of power, loyalty is merely a transaction, and principles are a liability. Here’s a deep dive into this pivotal chapter of the SonyLIV series that brought the infamous 2003 stamp paper scam to life.
The core narrative of "Khota Sikka" follows Telgi as he systematically targets the bureaucratic machinery of the Indian government. Telgi identifies the loopholes in the Central Stamp Office and the India Security Press (ISP) in Nashik. He realizes that the machinery used to print official government documents is aging, and the supply of authentic stamp papers consistently falls short of public demand. 2. Cultivating Political and Bureaucratic Alliances
In this episode, Telgi shifts from relying on one political mentor to navigating a volatile political landscape. After acquiring a crucial license through a political contact, he demonstrates his ruthlessness by allying with a new party in power when the political tide turns, discarding his former mentors.
Director Tushar Hiranandani, under the creative direction of Hansal Mehta, maintains a gritty, authentic aesthetic reminiscent of early 2000s India. The color palette of Episode 3 is filled with dusty browns, muted yellows, and dimly lit government offices, perfectly mirroring the murky bureaucratic maze Telgi navigates. Scam.2003.The.Telgi.Story.Hindi.S01E03.Khota.Si...
The tension reaches a boiling point, resulting in a physical altercation between Telgi and Kaushal. This fight shatters their partnership, forcing Telgi to venture out alone.
While incarcerated, he meets JK , a mechanic from Nashik. This connection proves vital, as JK introduces Telgi to the inner workings and potential vulnerabilities of the Nashik Security Press —the official source of India’s stamp papers.
Scam 2003: The Telgi Story , the gripping financial crime drama helmed by Hansal Mehta, takes a pivotal turn in its third episode. Titled "," this installment dives deep into the manipulative tactics and political maneuvering that allowed Abdul Karim Telgi to establish his illicit empire. Following the success of the first two episodes, S01E03 provides a closer look at the "Khota Sikka" (Counterfeit Coin) aspect of Telgi’s operation—the flawed yet brilliant methods he used to counterfeit government securities. Premiering on SonyLIV on August 31, 2023, “Khota
Disclaimer: This analysis is based on the streaming content of Scam 2003: The Telgi Story S01E03 on Sony LIV. To watch the episode, visit Sony LIV .
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: The episode holds an IMDb rating of 7.6/10 . Here’s a deep dive into this pivotal chapter
“Khota Sikka” is about the cost of expansion. Telgi cannot grow by playing by the rules. His transition from a reluctant criminal in Episode 1 to an aggressive kingmaker in Episode 3 is a study in moral decay. The show asks a difficult question: How much of your humanity are you willing to trade for a license?
"Khota Sikka" shines a spotlight on the systemic corruption in the stamp paper industry. The episode shows that Telgi didn't just invent the scam; he exploited a broken system that was already primed for abuse.
Abdul Karim Telgi was the mastermind behind the scam. He was a charismatic con man who used his charm and wit to convince people to buy forged stamp papers from him.
"Khota Sikka" bridges the gap between Telgi’s ambition and the systemic corruption that allowed him to thrive. The episode focuses heavily on the expansion of the scam beyond simple counterfeit currency. We see Telgi (Gagan Dev Riar) realizing that the real money—and the real danger—lies in stamp paper.