UTI scam: Cong. raps Govt. bungling, demands probe

By Our Special Correspondent

NEW DELHI JULY 11. The Congress today demanded a probe into the UTI and the US 64 issue. Articulating the party's position, the former Finance Minister and member of the CWC, Mr. Pranab Mukherjee, said that given the seriousness of the issue, the matter should either be referred to the JPC inquiry into the stock scam or any other agency that the Government can think off.``The guilty must be brought to book'' he said.

Speaking to reporters, Mr. Mukherjee targeted the Finance Minister, Mr. Yashwant Sinha, on the UTI and US 64 issue, saying he could not pass on the blame to others. ``The Finance Minister must explain, he just cannot shirk responsibility or try and wash his hands off the issue'' said Mr. Pranab Mukherjee.

Accusing the Government of dealing with the issue in the most callous manner, Mr. Mukherjee asked the Finance Minister to explain what action he had taken once the UTI chairman had informed him of the decision to suspend sales and purchase of US 64 shares.

The Government's response not only lacked imagination but was also insensitive to the plight of the investors. ``Millions of people have invested their hard earned earnings, but the Government has done precious little to restore their confidence.''

He also joined issue with the Finance Minister for his contention that somebody had tipped of certain private and public sector units who redeemed their units in April and May itself. ``If it is true, then the public has a right to know who is responsible for this and what action was taken'' asked Mr. Mukherjee.

He said that after the first crisis in 1998 the Government forked out a hefty sum of Rs. 3300 crore to bail out the scheme. It should have been vigilant to ensure that the money was not wasted, he said.

The Government's callous attitude had shaken the confidence of the investors and it would have to move fast to restore the same. ``If the investors lose confidence, our ability to raise money will be severely hampered'' he said.

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