Police in Jaipur have arrested a man accused of submitting forged bank guarantees worth Rs65.67 crore in connection with a solar project tender scam, officials said on Wednesday.
The accused, identified as Mahesh Bhai (50), a resident of Ahmedabad in Gujarat, was arrested in connection with a case registered at Ashok Nagar Police Station.
According to Rajarshi Raj Verma, Deputy Commissioner of Police for Jaipur South, the case was filed on August 25, 2025, following a complaint by Vivek Meena, Assistant Accounts Officer at Rajasthan Renewable Energy Corporation Limited (RRECL).
Officials said that RRECL had issued tenders for installing rooftop solar power projects and maintaining them for the next 25 years. Several companies participated in the bidding process as consortium partners, including Teerth Gopicon Ltd, Unicleen Solution LLP, and Future Green Power Solutions Pvt Ltd.
Investigators found that five bank guarantees submitted to RRECL, amounting to Rs65.67 crore, were fake and forged. Police alleged that the accused used these fraudulent guarantees to obtain project-related funds.
According to officials, nearly Rs46.3 crore was allegedly siphoned off through the scheme. The money was reportedly transferred to the bank account of Teerth RE-1 Pvt Ltd and later withdrawn and misused.
During the investigation, police discovered that Mahesh Bhai had previously been arrested by the Central Bureau of Investigation in a separate case in Bhopal and was lodged in Central Jail Indore. A police team obtained a production warrant from the court and brought him from the Indore jail for questioning in the present case.
Officials believe the accused conspired with associates to create forged bank guarantees and present them as genuine to secure funds. Police have taken him into three-day custody for further interrogation.
Authorities said the investigation is ongoing to identify other individuals involved in the alleged fraud and to trace the remaining funds.
