The scandal dented the fortunes of then Prime Minister Manmohan Singh and his Congress-led United Progressive Alliance government, which oversaw the sale of the licences at prices said to be way below market levels, and triggered street protests. In 2012, suspecting foul play in doling out spectrum, the supreme court cancelled 122 telecom licences allocated to 11 companies on or after January 10, 2008-the day the allocations were made by Raja's ministry. There were 19 accused in the ED chargesheet some of whom figured in the CBI chargesheet filed in its main and offshoot case.
Mumbai: A special CBI court today acquitted all accused in the three cases related to the 2G spectrum allocation.
Former Telecom Minister A.Raja was accused of having taken bribes to arbitrarily change the rules to benefit certain companies and individuals. "This govt was formed on the basis that UPA was embroiled in 2G scam and other scams, but now it has been proved that it was just a scam of lies by the opposition", he said. "It is not unknown to the history that a person who did a revolution is often termed as a criminal".
Besides Ruias, Loop Telecom Promoters I P Khaitan and Kiran Khaitan and Vikash Saraf, one of the Essar Group Directors, Loop Telecom Ltd, Loop Mobile (India) Ltd and Essar Teleholdings Ltd were also acquitted.
A special CBI court acquitted all the accused of corruption and money laundering charges in the 2G case. That isn't the end of the matter; the CBI has said it will appeal the verdict. While Raja said he was a victim of a conspiracy and the entire case was "cooked" up, Kanimozhi stated that her stand has been vindicated and described her last six years as "harrowing" and "excruciating".
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Vijay Aggarwal, lawyer of Swan Telecom promoters - Shashid Usman Balwa, Vinod Goenka and others - told reporters that the court had observed that the prosecution had miserably failed to prove any of the charges.
In all, there were 17 accused, including Raja and Kanimozhi, both leaders of Congress ally DMK, in this case that also included three corporate entities.
The Comptroller and Auditor General (CAG) in its report on November 10, 2010, had observed irregularities in the spectrum allocations, saying it caused an estimated "presumptive loss" of Rs 1.76 lakh crore to the public exchequer.
Twitterati also questioned the claim of Zero Loss, propounded first by Kapil Sibal, the telecom minister in 2011.
The politician refused to "get into BJP internal politics" when asked about allegations made by senior BJP leader Subramanian Swamy, who alleged after the verdict that the Finance Ministry deliberately sabotaged the case despite fraud, scam and criminality "Why would the Finance Ministry do that?"