With the help of Jos I could solve the problem. So I am posting it as an answer.
- Plug the USB dongle to the computer.
- Open the terminal and run
dmesg
.
It will show how the device has been detected. In my case it shows as a mass storage device.

Run lsusb
to view the vendor and the product ID.
Then install libusb-xx
if it is not on your system already.
Download tarball and follow the steps on the terminal. Goto the folder where the file was downloaded and run,
tar xjf libusb(your_version).tar.bz2
cd libusb(your_version)
sudo make install
Then Download latest usb_modeswitch tarball and install it.
tar usb-modeswitch(your_version).tar.bz2
cd usb-modeswitch(your_version)
sudo make install
Follow the same steps to download and install usb-modeswitch-data-(your_version).tar.bz2
tar usb-modeswitch-data-(your_version).tar.bz2
cd usb-modeswitch-data-(your_version)
sudo make install
After that run the below command
sudo usb_modeswitch -v 12d1 -p 14fe -M '55534243123456780000000000000011062000000100000000000000000000'
It will probably correct the problem and should start showing mobile broadband signal. lsusb
command now shows the device as a modem.

Reference