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CBI doesn't find money in Subramanyam's accounts

Onkar Singh in Delhi

The Central Bureau of Investigation's Bombay office, which is investigating the Unit Trust of India scam, has reportedly told acting CBI director P C Sharma that its investigators have not found any money in the six bank accounts held by former UTI chairman P S Subramanyam.

Though Bureau agents searched Subramanyam's bank accounts and lockers, a senior CBI official told rediff.com they did not come across any evidence of sufficient funds.

Asked if any progress is being made in the case, the officer disclosed that Subramanyam was not cooperating with the Bureau. "He is defending his decisions," he said.

Subramanyam was arrested along with two UTI executive directors, M M Kapur and S K Basu, on July 21 after interrogation about their alleged role in buying over 350,000 Cyberspace shares, at Rs 930 per share. UTI invested Rs 328 million in Cyberspace.

"The deal was a total loss to UTI," CBI spokesman S M Khan told newsmen last week. The CBI is still questioning UTI general manager Prema Madhuprasad to find out more about the role played by the concerned officers in the deal.

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