2G Spectrum scam cost 1.7 Lakh Crore to Nation - CAG Report

The 2G Spectrum scam cost around 1.7 Lakh Crore to Nation as per CAG Report submitted. The heat on telecom minister A Raja is rising, with the Comptroller and Auditor General holding him personally responsible for the sale of 2G spectrum at dirt cheap rates in 2008, resulting in a loss of up to Rs 1.70 lakh crore to the national exchequer. In its final report on the alleged scam in 2G spectrum allocation, CAG has said that the minister for IT and communications ignored advice from the PM and ministries of law and finance, and the recommendations of the Telecom Commission to allocate 2G spectrum to a select group of companies at throwaway prices. The CAG has backed up its stinging censure of Raja by attaching files which, it claims, establish the minister's personal culpability.
The federal auditor has not spared the Telecom Regulatory Authority of India (TRAI) either, accusing it of standing by as a hapless spectator when its recommendations were either ignored or misused. But it is the minister who may feel most discomfited by the report. A copy of the CAG report was submitted to the PMO on Monday.