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'UTI's investments in Essar Oil being probed'

The Unit Trust of India's investments in Essar Oil and 18 other cases have been referred to the advisory board on banking, commercial and financial frauds, the Rajya Sabha was told on Tuesday.

Finance Minister Jaswant Singh said in a written reply that as per the recommendation of the three-member high-level committee constituted for the purpose, the Essar Oil and 18 other cases had been audited and referred to the advisory board.

The advisory board's recommendations have yet to be received, Singh said.

The committee, headed by former RBI Deputy Governor S S Tarapore, had been constituted to conduct an independent inquiry into the investment decisions by UTI in Essar Oil, he said.

The committee recommended that pre-investigative body could advise whether this case and other cases identified by it were fit for investigation under law, Singh said.

In respect of the investment decision of UTI in Essar Oil, the committee had recommended that there should be a through on-site audit of the case before remitting it to an appropriate pre-investigative body, he said.

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