A Victory For Crony Capitalism

What a colossal loss of time, money and news space! For close to seven years now, the nation has been riveted on what has been described by commentators as the ‘Mother of All Scams’. Anchors have shouted themselves hoarse in heated TV debates. Lakhs of reams of papers have been used up to report on […]

Raja-and-Kanimozhi

What a colossal loss of time, money and news space! For close to seven years now, the nation has been riveted on what has been described by commentators as the ‘Mother of All Scams’. Anchors have shouted themselves hoarse in heated TV debates. Lakhs of reams of papers have been used up to report on every little development in the case. Reputations have been tarnished. An election has been fought and won on it. And now, at the end of it all, we have been told by Special CBI judge OP Saini that there was no 2G scam after all! We have often used the expression ‘making a mountain out of a molehill’, but never before it appeared more appropriate to describe a situation than it does now.

Now that the judgment has acquitted all the 18 charged by the CBI in the ‘scam that wasn’t’ - worth an astronomical Rs 1.76 lakh crores, according to former CAG Vinod Rai – it’s time to think how this complete anti-climax came about. There are three possible ways to see it. First, as judge Saini said, there was no scam at all. But the problem with this assumption is: what then was the basis of the Supreme Court cancelling as many as 122 telecom licenses sending the whole telecom sector into a tailspin and jeopardizing foreign investment in the process? What were the tell-all Radia tapes all about? The tweaking of the rules at the last minute to benefit favourites, the rigging of the whole process, the floating of shell companies to channelize money and the hefty premiums earned by those who managed to get second generation spectrum licenses by selling them to bigger players – both domestic and foreign – and the sizeable revenue that the government earned after spectrum was auctioned are all recorded facts. It is thus obvious that there was something seriously fishy about the way the UPA went about handling the spectrum business - whether we call it a scam or a policy decision leading to a ‘presumptive loss’.