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2G scam: How the CBI arrived at the figure Rs 30,000 crore

By Vicky
    2G spectrum scam case : Special court acquits all accused in all cases | Oneindia News

    The loss in the 2G spectrum scam was Rs 30,000 crore as per the findings of the CBI. The CAG had initially pegged the loss at Rs 1.76 lakh crore and the government of the day was stating a zero loss figure in a bid to counter the CAG.

    2G scam: How the CBI arrived at the figure Rs 30,000 crore

    The CBI's calculation according to its former director A P Singh did not go into the presumptive loss figures like the CAG did. The CBI calculated the loss on comparison to the auction price of spectrum licences in 2001 and at what cost the licences were given in 2007.

    The CBI's stand stood validated because immediately after grant of licenses, Swan Telecom had offloaded 45 per cent of the equity for Rs 4,200 crore and Unitech's 65 per cent equity for Rs 6,200 crore. If this is taken on a pro-rata basis, the figure comes up to Rs 30,000 crore, Singh said.

    2G spectrum verdict likely today: The charges, accused and witnesses

    The CBI had found that A Raja had tried to favour two companies-Swan and Unitech. They were both realty firms and Raja according to the CBI was well connected with them even when he was the environment minister. The CBI says that the process of giving licences to these firms was to favour them.

    OneIndia News

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