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BANGALORE, Oct. 22

STAMPIT, Karnataka's special Stamp Paper Investigation Team probing a multi-crore stamps and stamp paper racket, has recovered fake papers worth Rs 170 crore during raids it conducted in Bangalore, Chennai and Hyderabad.

They arrested 12 persons, alleged to be accomplices of the kingpin, Abdul Kareem Telgi alias Kareem Lala, in the raids conducted over the last few days, according to a police release here.

Kareem Lala was until recently in the custody of the Pune police and is currently lodged in the Bangalore Central Jail. His aides were operating on his instructions in Delhi, Chandigarh, Chennai, Coimbatore, Madurai, Tiruchi, and Hyderabad.

STAMPIT also seized a Maruti Omni, four computers, nine cell phones, six SIM cards, account books, applications for stamp vendor licences and Rs 2.75 lakh in cash.

The team is looking at six ATM cards and several bank accounts, besides a bank guarantee for Rs 30 lakh for use in excise auction.

In earlier raids relating to the gang, Delhi police seized fake stamps worth Rs 246 crore and Chandigarh police recovered papers worth Rs 2 crore.

Kareem Lala is suspected to have links in the India Security Press at Nashik. Fake stamps are believed to have also found their way into post office outlets.

STAMPIT is following leads in Mumbai and other cities to where some of Lala's accomplices have escaped, according to the police.

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