Mumbai: The Economic Offences Wing (EOW), Mumbai, has registered four offences against several private companies, their directors, and certain officials for allegedly submitting forged Performance Bank Guarantees (PBGs) in connection with the Maharashtra Government’s Mukhyamantri Saur Krushi Vahini Yojana 2.0 tender process, thereby causing wrongful loss to Maharashtra State Electricity Distribution Company Limited (MSEDCL) and the State Government.
Scheme Background
Under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, launched in 2023 to ensure uninterrupted daytime electricity supply to agricultural pumps, developers selected through tariff-based competitive bidding were required to submit Performance Bank Guarantees (PBGs) as security. Achieve Financial Closure within six months. Execute Power Purchase Agreements (PPA) with MSEDCL.
As per procedure, submitted bank guarantees were required to be verified through official bank email communication before execution of the PPA. However, investigations have revealed that certain companies submitted forged bank guarantees and created fake email IDs impersonating authorized bank domains to falsely confirm authenticity of the guarantees. Based on such forged confirmations, PPAs were executed. When MSEDCL later attempted to invoke the bank guarantees due to failure of Financial Closure, the concerned banks denied issuance of such guarantees, confirming them to be fake.
The Maharashtra government launched the Chief Minister Solar Agriculture Feeder Scheme 2.0 in 2023 to provide uninterrupted daytime electricity to farmers for agricultural pumps. Under the scheme, developers were selected through a tariff-based competitive bidding process.
As per tender conditions like Selected bidders were issued a Letter of Award (LOA), They were required to submit Performance Bank Guarantees (PBG) at ₹5 lakh per MW. Only after verification of the PBG through official banking channels would a Power Purchase Agreement (PPA) be executed. Failure to achieve financial closure within six months entitled MSEDCL to invoke the bank guarantee.
FIR 1: ₹49.50 Crore – NOPL Pace Green Energy Pvt. Ltd.
The primary bidder, M/s Nacofoorja Pvt. Ltd., formed an SPV — NOPL Pace Green Energy Pvt. Ltd. — for execution of a 990 MW project.
The company submitted A ₹49.50 crore bank guarantee purportedly issued by ICICI Bank (August 2024).
Later replaced it with another ₹49.50 crore bank guarantee allegedly issued by Bank of Baroda (November 2025). Initially, verification emails were received confirming authenticity. However, when MSEDCL attempted to invoke the guarantee after the company failed to achieve financial closure, Bank of Baroda informed authorities in January 2026 that The bank guarantee had never been issued by the branch.
Investigations revealed that fake email IDs resembling official banking domains were allegedly used to create a false confirmation trail. The accused directors named in this case are Padmanabhan Suresh Babu, Mohankumar Nair, Divyeshkumar Mansukhlal Savaliya and Piyush Mansukhbhai Savaliya
EOW alleges that due to delayed verification and internal lapses, MSEDCL was prevented from invoking the ₹49.50 crore guarantee.
FIR 2: ₹11.25 Crore – Onix IPP Pvt. Ltd.
In a separate but similar instance, M/s Onix Renewable Ltd. formed an SPV — Onix IPP Pvt. Ltd. — after receiving LOA in October 2024. The SPV submitted a ₹11.25 crore bank guarantee purportedly issued by Central Bank of India, Salkia Branch, Howrah.
When MSEDCL sought to invoke the PBG in January 2026 after non-submission of financial closure documents, the Central Bank of India officially informed that
No such bank guarantee had been issued. The earlier confirmation email was sent from a fake domain.
Named accused include Divyesh M Savaliya, Richie Bansal, Kashyap Patel (Authorised Representative) and Rahul Panhale, then Assistant General Manager (Finance & Accounts), Renewable Energy Department.EOW has alleged that forged documents, fake email domains and fabricated bank stamps were used to secure the PPA and avoid encashment.
FIR 3: ₹48.45 Crore – NOPL Solar Projects Pvt. Ltd.
In another tender for 969 MW capacity, Nacofoorja Pvt. Ltd. formed NOPL Solar Projects Pvt. Ltd. as SPV.
The company submitted three bank guarantees totaling ₹48.45 crore, purportedly issued by Central Bank of India, Salkia Branch.
Initial verification was allegedly conducted through an email ID later found to be fake. When fresh verification was sought in January 2026 through official banking channels, the Central Bank confirmed “No such bank guarantees were issued from the branch.” Despite this, a PPA had already been executed in December 2024.
Authorities allege that Fake banking domains were created. False confirmation emails were generated. Officials responsible for financial scrutiny failed to conduct timely independent verification. MSEDCL lost the opportunity to invoke the guarantees.
FIR 4 : The Economic Offences Wing (EOW), Mumbai, has registered a criminal case in connection with an alleged ₹13.65 crore fake bank guarantee fraud under the Chief Minister Solar Agriculture Feeder Scheme 2.0 (MSKVY 2.0), implicating a private power company, its Special Purpose Vehicles (SPVs), directors, and a senior finance official of Maharashtra State Electricity Distribution Company Limited (MSEDCL).
The case has been registered on the basis of findings during a preliminary inquiry conducted under Section 173(3)(i) of the Bharatiya Nyaya Sanhita (BNS), 2023. The Maharashtra Government launched MSKVY (Mukhyamantri Saur Krushi Vahini Yojana) 2.0 in 2023 to provide uninterrupted daytime electricity supply to agricultural pump users. The scheme is implemented by MSEDCL through a transparent tariff-based competitive bidding process. For execution of the scheme, MSEB Solar Agro Power Limited was appointed to manage the tendering process. A tender bearing RFS No. MSKVY-MSE.01 dated January 25, 2024, was floated.
Ahmedabad-based Integrated Induction Power Ltd participated in the bidding process and was declared technically qualified. The Selection, the Renewable Energy Department of MSEDCL issued a Letter of Award (LOA) dated October 9, 2024, for 273 MW capacity under Round 4 of the scheme. As per the tender conditions, the company was required to submit Performance Bank Guarantees (PBGs) to secure project execution.
Subsequently, the company formed two SPVs as IIPL Three Hingoli Pvt. Ltd. (142 MW), IIPL Four Parbhani Pvt. Ltd. (131 MW). Both SPVs were registered at Bodakdev, Ahmedabad.
On February 18, 2025, the SPVs submitted two bank guarantees at MSEDCL’s Prakashgad office in Bandra (East), Mumbai like ₹7.10 crore (BG No. B0300IBG004617) and ₹6.55 crore (BG No. B0300IBG004618)
The guarantees purportedly bore the seal of Punjab & Sind Bank, Khar Branch, Mumbai, and mentioned the email ID “B0300@psb.co.in” for verification. According to the EOW, verification of the bank guarantees was the responsibility of Rahul Prabhakar Panhale, Assistant General Manager (Finance & Accounts), Renewable Energy Department, MSEDCL. However, it is alleged that no independent verification was carried out before confirming compliance with LOA conditions.
Based on the finance department’s communication that valid bank guarantees had been submitted, a Power Purchase Agreement (PPA) was executed on June 19, 2025, between MSEDCL and the two SPVs.
The PPA was signed on behalf of the SPVs by Ranjankumar Dasgupta along with two witnesses, while MSEDCL officials also signed the agreement.
As per the PPA terms, the SPVs were required to achieve Financial Closure within six months of LOA issuance. Failure to do so entitled MSEDCL to invoke the bank guarantees.
When the SPVs failed to submit financial closure documents within the stipulated period, MSEDCL officials approached Punjab & Sind Bank, Khar Branch, in January 2026 to invoke the guarantees.
During verification, the bank informed that No such bank guarantees had been issued by the branch. The official email ID of the branch was “B0300@psb.bank.in”, not “B0300@psb.co.in”. The guarantees submitted were fake and bore fabricated rubber stamps. An official email dated January 6, 2026, from the bank confirmed that the guarantees were forged. On January 12, 2026, MSEDCL formally attempted invocation, but the bank reiterated that the guarantees were fraudulent.
Alleged Conspiracy and Loss to Government : The EOW has alleged that Fake bank guarantees were created using fabricated stamps and forged email domains. The SPVs secured the LOA and executed the PPA by misrepresenting the authenticity of the guarantees. The concerned MSEDCL finance official allegedly failed to conduct mandatory verification, thereby facilitating execution of the project agreements.
Due to the fraudulent guarantees, MSEDCL was deprived of invoking ₹13.65 crore, resulting in wrongful loss to the state utility and the government.
This FIR includes accused names Integrated Induction Power Ltd, IIPL Three Hingoli Pvt. Ltd, IIPL Four Parbhani Pvt. Ltd, Directors: Ranjankumar Dasgupta, Shital Khimjibhai Mehta, and Madhusudan Somani amd Rahul Prabhakar Panhale, Assistant General Manager (Finance & Accounts), Renewable Energy Department, MSEDCL. Other concerned officials and unknown accomplices
Further investigation is underway to examine the financial trail, email domain fabrication, and possible wider conspiracy in the MSKVY 2.0 tender process.
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