Does upgrading the OS resolve this issue?
I am using iphone 4S with same problem... "Searching.." all the time and I read this page. and did that time and date setting thing. There is a betterment. I.E "No sim" is being displayed if there is no sim in sim tray.( Earlier it just showed "Searching.." ) but still it still it's displaying "Searching.." when sim is inserted back. so if I install IOS 8 does my mobile get back to working?