Additional sessions judge U D Salvi read out the charges to Telgi, his nephew Tabrez and associates Uday Sawant and Sajid Khan in the sessions court on Friday. All the accused, including Telgi, pleaded not guilty.
Telgi appeared before the court through video conferencing while the other accused appeared in person.
The accused are charged with murder of Christoper Bhatti, who was driver of Telgi. Bhatti allegedly used to handle Telgi's fake stamp paper business in Tamil Nadu.
Complete Coverage: Stamp Paper Scam
He had allegedly stolen Rs 2.5 lakh of Telgi and went into hiding thereafter. Telgi's men went to Tamil Nadu and brought him to Mumbai.
According to the FIR lodged by police, on August 7, 2001, Bhatti was brutally beaten up and he succumbed to his injuries.
His body was thrown in the Mahim creek and later police learnt about the murder during interrogation of co-accused Uday Sawant. Police then lodged an FIR and arrested Telgi and other accused in the murder case.
