13 May, 2021

Lot More Dirt Under The Trust Carpet

Damning revelations but the CBI's brief may limit the probe

Punit Paranjpe
Lot More Dirt Under The Trust Carpet
The CBI investigations into the UTI scam has already unearthed damning information on the nexus between politicians, bureaucrats, big business and the Trust. A cbi source told Outlook that the interrogations "have revealed the exact modus operandi employed to manipulate uti's investments." But since the investigators have been asked to stick to their brief—limit the probe to the Cyberspace scam—officials fear that much of what has surfaced may not be put under scrutiny.

For the record, the investigating agency has told the cbi special court that ex-uti chief P.S. Subramanyam and the two other Trust executives being investigated have "revealed that the uti decisions in similar cases may have been taken for reasons other than commercial consideration or business expediency." The agency has not officially said anything about the involvement of politicians, but they did speak of their hand in various deals entered into by the uti.

So how does a company tap the uti to invest in it? In the normal course, it forwards a proposal to uti's investment division, which vets...

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