Mumbai Crime: 4 FIRs Filed Against Companies For ₹122.85 Crore Fraud In Solar Krishi Urja Vahini 2.0 Tender

Mumbai: The Economic Offences Wing (EOW), Mumbai, has registered multiple cases against several companies and their directors for allegedly defrauding the Maharashtra government of Rs.122.85 crore by submitting forged bank guarantees in the Solar Krishi Urja Vahini 2.0 tender process.

According to officials, the accused companies participated in the state government’s Solar Krishi Urja Vahini 2.0 scheme and allegedly submitted fabricated bank guarantees prepared using fake rubber stamps, falsely projecting them as genuine. Based on these documents, power purchase agreements (PPAs) were executed with Maharashtra State Electricity Distribution Company Limited (MSEDCL), also known as Mahavitaran.

However, when the companies failed to achieve the required financial closure as stipulated in the PPAs, MSEDCL initiated the process to invoke the submitted bank guarantees. During verification with the concerned banks, it was discovered that the guarantees were forged, thereby preventing Mahavitaran from encashing them and resulting in significant financial loss to the government.

Based on a complaint filed by MSEDCL, the EOW, Mumbai, registered offences on February 20, 2026, against the companies and directors of M/s Nacoff Urja Pvt. Ltd. and M/s NOPL Projects Pvt. Ltd. (SPV) – Bank Guarantee of ₹48.45 crore, M/s Integration Induction Power Ltd., M/s IIPL Three Hingoli Pvt. Ltd. (SPV) and M/s IIPL Four Parbhani Pvt. Ltd. (SPV) – Bank Guarantee of ₹13.65 crore, M/s Nacoff Urja Pvt. Ltd. and M/s NOPL Pace Green Energy Pvt. Ltd. (SPV) – Bank Guarantee of ₹49.50 crore and M/s Onix Renewable Ltd. and M/s Onix IPP Pvt. Ltd. (SPV) – Bank Guarantee of ₹11.25 crore. 

Separate Four offences have been registered under relevant sections of the Bharatiya Nyaya Sanhita (BNS) at Nirmal Nagar Police Station and subsequently transferred to the EOW for investigation.In connection with the cases, search and seizure operations were conducted on February 21, 2026, at multiple locations including Mumbai, Thane, New Delhi, Indore (Madhya Pradesh), Ahmedabad and Rajkot (Gujarat), covering company offices as well as the residences of the accused directors.Further investigation is underway by the Economic Offences Wing.

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