"Four teams have been constituted for probe in 17 districts where irregularities are suspected. Whether this suspicion is wrong or right only time will tell," DG EOW Subrata Tripathi told reporters here.
Three teams are working under the Kanpur sector and one under the Meerut sector, he said.
"The inquiry is crossing the preliminary stage as order for the probe was issued on July three," Tripathi said.
"Statements of several people have been recorded, but nothing concrete can be said at this stage," he said.
The DG said anything concrete could be said only after taking statements of all parties, including those against whom charges have been levelled.
"It will not be right to say anything premature," he said.
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The DG said "whether the money given for certain use was actually utilised or embezzeled and whether the government machinery was bribed are the issues on which the inquiry was being conducted."
"However, no time-limit can be fixed for the probe," he said.
Addressing a press conference in New Delhi, Khurshid came out with documents to rubbish charges of misappropriation of funds by a trust run by him and his wife.
Expressing willingness for any probe, he made it clear he has no intention to quit.