Reports implicate several Tanzanian former ministers and top government officials in signing corrupt deals.
In one incident, the investigation found a top government official received a gift of diamonds worth $200m (£153m) in dubious circumstances.
The reports are also faulting the government for relying on mine company statistics for key data such as the size of the diamond reserve in the mining area.
Earlier this year President Magufuli launched an extensive investigation into the mining industry and introduced strict mining laws as he argued the country was not getting a fair share of profit from its mineral resources.
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