The Solar Krushi Urja Vahini 2.0 bank guarantee scam has led to FIRs after authorities detected alleged forged guarantees worth ₹122.85 crore in a Maharashtra renewable energy tender. Mahavitaran discovered irregularities when banks denied issuing guarantees submitted by certain developers. The scheme aims to solarise agricultural feeders and improve daytime power supply to farmers. Officials say contractual conditions required valid bank guarantees and financial closure before execution. The Economic Offences Wing is now probing companies and directors named in the case, raising concerns over procurement verification systems.

Solar Krushi Urja Vahini 2.0 Bank Guarantee Scam: ₹122.85 Crore Fraud Case Registered Against Renewable Energy Firms

Solar Krushi Urja Vahini 2.0 bank guarantee scam has triggered a major investigation in Maharashtra after authorities uncovered an alleged ₹122.85 crore fraud involving forged financial instruments submitted during a state renewable energy tender.

The case relates to the Maharashtra government’s flagship decentralised solar power initiative aimed at strengthening agricultural feeders and ensuring reliable daytime electricity supply to farmers across the state.

According to officials, certain private developers allegedly submitted fabricated bank guarantees during the bidding process to secure power purchase agreements under the scheme.

The complaint was filed by Maharashtra State Electricity Distribution Company Limited, commonly known as Mahavitaran, which is responsible for power procurement and distribution across Maharashtra.

Investigators claim that forged rubber stamps and fabricated documentation were used to create bank guarantees that appeared legitimate during the evaluation stage of the tender process.

Solar Krushi Urja Vahini 2.0 Tender Process, PPA Conditions and Financial Closure Violations

Solar Krushi Urja Vahini 2.0 is designed to promote feeder level solarisation by enabling private developers to set up decentralised solar plants connected directly to agricultural feeders.

Under the tender framework, successful bidders are required to submit valid bank guarantees and achieve financial closure within a stipulated timeline before project execution begins.

Authorities state that although power purchase agreements were executed, the concerned companies failed to achieve mandatory financial closure as required under contractual obligations.

When Mahavitaran initiated the invocation process to encash the submitted bank guarantees, the issuing banks reportedly denied having issued such instruments.

This discovery exposed what investigators describe as a systematic attempt to bypass financial safeguards embedded in the renewable energy procurement framework.

The alleged fraud raises serious questions about due diligence practices, verification mechanisms, and risk management systems within public sector procurement processes.

Companies Named in Economic Offences Wing FIR and Legal Provisions Invoked

On 20 February 2026, the Economic Offences Wing in Mumbai registered four separate offences based on Mahavitaran’s formal complaint.

The accused entities include M s Nacoff Urja Pvt Ltd along with its special purpose vehicles NOPL Projects Pvt Ltd and NOPL Pace Green Energy Pvt Ltd.

M s Integration Induction Power Ltd and its SPVs IIPL Three Hingoli Pvt Ltd and IIPL Four Parbhani Pvt Ltd have also been named in the investigation.

Additionally, M s Onix Renewable Ltd and its SPV Onix IPP Pvt Ltd are among the companies facing scrutiny.

The alleged forged bank guarantee amounts include ₹48.45 crore, ₹13.65 crore, ₹49.50 crore and ₹11.25 crore, collectively totalling ₹122.85 crore.

Cases have been registered under multiple provisions of the Bharatiya Nyaya Sanhita, including sections related to cheating, forgery, criminal conspiracy and falsification of documents.

Police records indicate that the offences were registered at Nirmal Nagar Police Station under crime numbers 127 of 2026 to 130 of 2026.

On 21 February 2026, coordinated search and seizure operations were conducted across Mumbai, Thane, New Delhi, Indore, Ahmedabad and Rajkot.

Investigators carried out searches at corporate offices as well as residential premises of directors and authorised signatories associated with the accused firms.

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Why the Solar Bank Guarantee Scam Matters for India Renewable Energy Sector

The alleged scam comes at a time when India is aggressively expanding renewable energy capacity to meet climate targets and strengthen energy security.

Decentralised solar schemes such as Solar Krushi Urja Vahini 2.0 play a critical role in reducing transmission losses and stabilising rural electricity supply.

If bank guarantees can be fabricated without immediate detection, the credibility of competitive bidding processes in the power sector may suffer significant reputational damage.

Financial experts point out that bank guarantees serve as risk mitigation tools, protecting public utilities from project default and non performance.

A breach in this safeguard mechanism exposes distribution companies to financial stress, particularly when large capital commitments are involved.

Policy observers suggest that this case may prompt tighter verification protocols, digital authentication of financial instruments and real time banking validation systems.

The Sprouts News Special Investigation Team notes that the outcome of this probe could influence future renewable procurement norms in Maharashtra and beyond.

As the Economic Offences Wing continues its investigation, the case is expected to test the robustness of institutional oversight within India’s rapidly expanding clean energy ecosystem.

For policymakers, regulators and investors, the Solar Krushi Urja Vahini 2.0 bank guarantee scam is not merely a criminal case but a warning signal demanding systemic reform.

Readers’ Appeal

Sprouts News urges readers to stay alert and informed about the Solar Krushi Urja Vahini 2.0 bank guarantee scam. Transparent governance depends on public awareness and active civic engagement.

If you have credible documents or information related to this case, reach out confidentially. Investigative journalist Unmesh Gujarathi and the Sprouts News team remain committed to truth, accountability and public interest journalism.