Delhi: Two arrested over misappropriation of Rs 4.10 cr from Ministry of Renewable Energy

Economic Offence Wing officers have arrested two people in connection with an alleged case of criminal misappropriation of Rs 4.10 crore from the Ministry of New and Renewable Energy. A complaint was filed against Pragat Akshay Urja Limited, which had set up a Special Purpose Vehicle (SPV) by the name "Sai Guru Solar Private Limited" to develop 500 MW solar park at Sakri, Dhule in Maharashtra.

The Ministry of New and Renewable Energy requested the Maharashtra Government and sought approval for setting up of one 500 MW Solar Park in Maharashtra on September 29, 2015. After due process, as per administrative guidelines of solar park scheme, Central Financial Assistance (CFA) of Rs 25 lakhs was released in the name of Solar Energy Corporation of India (SECI) for the preparation of Detailed Project Report (DPR) for further release to the SPPD, read a statement.

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Project left incomplete

Rs 25 lakhs was paid to SPPD through MEDA and Rs 4.10 crore was also given to SPPD for administrative approvals on December 2, 2016. The Ministry of New and Renewable Energy as per proper accounts, disbursed Rs 4.35 crore to Sai Guru Solar Private Limited for the project. The company was given 18 months to complete the project but it did not complete it.

The alleged company has not even purchased 50 per cent of the required land to date. It also did not return the amount despite various reminders by the Ministry. The company cheated Rs 4.10 crore paid to it for land acquisition and for the development of Solar Park. An FIR dated October 11, 2019, was filed under Sections 409/120B of the Indian Penal Code (IPC) at EOW, Mandir Marg and investigation was taken up against Pragat Akshay Urja Limited.

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Misappropriation of CFA for personal use

During the investigation, it was revealed that the Ministry had granted Rs 25 lakhs for DPR and Rs 4.10 crore to the account of the alleged company of Sai Guru Mega Solar Park Pvt Ltd for the development of one 500 MW Solar Park in Maharashtra. The accused person used most of the amount to repay the outstanding loan availed by the main company Pragat Akshay Urja Ltd and the remaining amount was also diverted into account of Pragat Akshay Urja and its directors' account which was provided to them for the purpose of development of a project.

It was also found that the agency Sai Guru Mega Solar Park Pvt Ltd and Pragat Akshay Urja Ltd did not use the grant/subsidy as per the scheme and misappropriated the entrusted amount for their personal use. A team has been put in charge of searching the accused persons at Indore. Police officials conducted searches in Indore and arrested two of the accused. Efforts are on to arrest the third accused, who is absconding.

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(With inputs from ANI)