‘Scam 2003: The Telgi Story’ Episode 4 Recap & Ending, Explained: How Did Telgi Expand His Business?

In the third episode of Scam 2003, Telgi aligns himself with More, the leader of the Loktantra Secular Party, in pursuit of greater profits. However, this decision doesn’t sit well with Garima, the leader of the United Shakti Party. Garima hatches a plot aimed at dismantling Telgi’s illegal stamp paper business. Despite his efforts, Telgi faces arrest, but this setback doesn’t deter him from continuing his illicit operations. When an ex-jailmate, JK, lends a helping hand, they explore new avenues to generate counterfeit stamp papers. Now, Scam 2003 episode 4 promises to reveal how Telgi navigates the obstacles that come his way, all while persisting in his quest to sustain and expand his business.


Spoilers Ahead 

Does Telgi Succeed In Securing A Promotion For Madhusudan Mishra?

Scam 2003 Episode 4 opens by contrasting two distinct approaches to Telgi’s goals. He initially attempts to influence Madhusudan through bribery, but soon realizes that Madhusudan is an individual who cannot be swayed or bought by such means. Additionally, a clever tactic is employed: key machine parts are kept away from auctions, with Madhusudan ensuring their safekeeping or even destruction. This maneuver complicates Telgi’s efforts to acquire the necessary components. However, Telgi is not one to easily concede defeat. He remains determined to gain control over Madhusudan. When Madhusudan invites him for a personal meeting, Telgi discerns that convincing Madhusudan to align with his interests won’t be an easy task.


This realization prompts him to seek an alternative route. Telgi turns to Tukaram for assistance, and he instructs Telgi to arrange a substantial sum of 20–25 lakhs to ensure that Madhusudan secures a promotion to General Manager. To amass the necessary funds, he smuggled documents and gold from his home. With the funds in hand, Telgi and Tukaram meet the Cabinet Minister in New Delhi to facilitate Madhusudan’s promotion. However, the cabinet minister proves uncooperative. Instead, another individual named PA Gupta steps in to assist Telgi with the promotion.

How Does Madhusudan Mishra Help Telgi With His Business?

When Madhusudan Mishra reacts negatively to his promotion, feeling undervalued due to the influence of bribery, Telgi employs a shrewd tactic. Recognizing Madhusudan’s emotional state, Telgi delivers a convincing argument. He appeals to Madhusudan’s sense of self-worth, emphasizing that it was Telgi alone who recognized his true potential, a fact unacknowledged by anyone else. This emotional approach resonates with Madhusudan, leading to a change of heart. He decides to collaborate with Telgi in acquiring the printing machine, realizing the value of the opportunity presented to him.


Madhusudan swiftly gets to work by intentionally making the printing machine appear non-functional. This clever move allows him to disassemble the machine, separating its critical components. Meanwhile, Telgi and his team use a strategic plan and register the names of five fictitious companies under their own names, creating a façade to operate within. Blank bid forms are used for auctions, and Telgi takes an active role in manipulating the purchasing officer to submit bids with the highest amounts.

As a result of this orchestrated strategy, Telgi and his associates secured all the machine parts through the auction process. But Madhusudan, recognizing the value of the most crucial component, the plates for the printing machine, decides not to part with them easily. Instead, he negotiates a sum of Rs. 21 lakh in exchange for the plates, citing the risks he’s undertaking by participating in this operation. Telgi agrees to this arrangement, offering a gold necklace as collateral to Madhusudan, who safeguards it. Telgi further commits to providing Madhusudan with Rs. 25 lakh once the business proves successful.


Do Telgi’s Plans Ultimately Succeed?

Telgi is not willing to provide Madhusudan with money without an exchange of value. Instead, he offers assistance with transporting the dye and paper necessary for their illegal stamp paper production. Telgi devises a daring plan to acquire the required dye. He opts to steal the dye from sealed cans, carefully opening them and then refilling the cans with a substitute chemical before resealing them. The final piece of the puzzle is obtaining cotton-based paper, a critical component for their counterfeit stamp paper production. With all these elements in place, Telgi commences production once again.

As time progresses, Telgi expands his operations by forming alliances, even with Garima, to secure licenses for his associates. With each passing day, his business flourishes to the point where he accumulates a substantial amount of cash in one room. However, when Sulaiman, a member of his team, makes an extravagant purchase, buying an expensive motorbike, Telgi becomes wary. He cautions that such conspicuous spending could attract unwanted attention and raise suspicions about their income sources. Nevertheless, Telgi remains undeterred.


In a bold move, Telgi decides to expand his business even further, beyond the confines of Mumbai. This time, he collaborates with an even larger network of individuals, including More. However, the legal landscape in Karnataka is different, requiring Telgi to navigate through the world of politics just as he does in Mumbai. During his visit to Karnataka, Telgi encounters a politician who presents a unique challenge. Unlike others, this politician is not satisfied with a mere 15% share of the profits. Instead, he demands that Telgi invest a substantial sum, ranging from Rs. 20 to Rs. 25 lakhs, across all his businesses to secure his support.

How Does Telgi Outperform His Competition In The Stamp Paper Business?

As Telgi’s illegal empire expands, he employs a strategy of engaging in social activities within Khanapur to draw more people into his network. This approach allows him to recruit additional individuals under his umbrella of illicit operations. However, a critical turning point emerges in his business journey. Telgi faces heightened competition, particularly from the formidable Nashik Security Press. The presence of this press company poses a significant obstacle to Telgi’s expansion plans. In response, Telgi formulates a daring plan: he wants Madhusudan to effectively shut down the press, diverting market attention towards Telgi’s operation.


Initially, Madhusudan is hesitant to embrace this risky strategy. However, Telgi, known for his persuasive abilities, manages to convince him of the plan’s merits. The key twist in this narrative is that Telgi is unaware that the increased attention on his own operation could have severe consequences, potentially leading to heightened scrutiny and unwanted exposure. The upcoming episode will surely reveal how Telgi’s overconfidence and audacious approach ultimately backfire, breaking his carefully built empire. This episode’s conclusion highlights Telgi’s entanglement in unforeseen problems, despite his business acumen. It underscores that while he excels in his business, his decision-making will someday lead him down a perilous path.

Raschi Acharya
Raschi Acharya
Raschi Acharya is a Mass Media graduate and she is currently working and living in Mumbai. From a very young age, Raschi was heavily interested in reading and writing. She prefers to write everything that her mind nurtures her to do as shaping up her imagination is her forte!


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