According to sources, the panel would be headed by a retired judge and assisted by state's vigilance department.
The allegations against Mayawati government include several multi-crore scams. She was also alleged to have tuned in Rs 5,700 crore in the NRHM scam during her regime.
The CAG report indicts Mayawati of misusing Rs 66 crore in building parks and memorials. It also reveals that the stones to be used for the construction were sent to Bayana to cut and polish, as reported by the India Today. She is also accused of having siphoned off Rs 700 crore in the state's pension scheme.
Mayawati had suspended at least 72 officials in Mar 2010 for their involvement in a scam worth Rs 200 crore in the rural employment guarantee scheme.
According to the BJP, Maya government had allowed the liquor mafia to levy Rs 25 each on every bottle of alcohol adding that at least Rs 10,000 crore was collected through the medium. The BJP also alleged that the government got an advantage of Rs 40,000 crore through land deals in Greater Noida, Noida and other parts of the state along the Yamuna Expressway.
"The CM has already approved the draft for the commission, while chief secretary Javed Usmani has put his signature on it. The details would be made public soon," said a government official.