SBI denies reports of CBI search in 2G case

Posted By: Biswajeet Panda
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State Bank of India
New Delhi, Jan 12: State Bank of India has denied the news of CBI searching its offices for documents in a case related to the 2G spectrum allocation case. Earlier a television channel had shown a news report of the federal agency searching in some branches of the State Bank of India.

When asked by reporters about the TV report, O P Bhatt, chairman of SBI denied the same and said, "Let me say that this comes as a total surprise to me and nobody has told me (about this)."

The 2G spectrum allocation is alleged to be done at below-par prices and might have caused mammoth losses to the exchequer. According to a report submitted by the CAG, the loss to the exchequer was Rs 176,379 crore.

The telecoms ministry has agreed to a possibility of the spectrum allocation being flawed but feels the loss estimate to be too inflated.The scandal has caused a political lock-down in India with the opposition stalling parliamentary proceedings in their demand for a Joint Parliamentary committee probe.

Giving in to the rising pressure from political parties as well as the media, Mr A Raja, had to step down from his position as the Union Telecom Minister. The scandal has put the spotlight on many politicians, journalists and businessmen who are alleged to have arm-twisted the allocation process to gain unfair advantage.

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