New Delhi, April 19 -- In Amitabh Bachchan's career-defining 1973 blockbuster Zanjeer, the villain Seth Dharam Dayal Teja-memorably played by Ajit of the "Lily, don't be silly" fame-was the epitome of cinematic menace. But even that flamboyant celluloid character paled in comparison to the real-life figure who may have inspired the name: Jayanti Dharma Teja.

In India's rogue's gallery of flamboyant business tycoons, few stand out as vividly-and controversially-as Teja. A consummate hustler of the Nehruvian era, his rise was a heady mix of financial sleight-of-hand, strategic charm, and psychological intrigue. His fall, when it came, was as swift and dramatic as his ascent.

Born into an influential Brahmo Samaj family in Berhampore, Andh...