Telgi (56) died around 3.55 pm at the Victoria Hospital, where he was admitted with meningitis a few days ago, police said.
According to the doctors, the high-profile convict was on ventilator and life support after multi-organ failure, and was in a critical state.
Telgi was sentenced to 30 years rigorous imprisonment in 2006, besides being slapped with a whopping fine of Rs 202 crore. He had been lodged in the Parapana Agrahara central jail here for the last 16 years.
He was arrested in Ajmer in November 2001 in connection with the fake stamp paper scam, running into billions of rupees.
Telgi had multiple health problems. He was also suffering from diabetes and hypertension for over 20 years.
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