Matunga Police Register Criminal Case Against Vikram Solar and Vikram Capital in ₹1,050-Crore Fraud
The Matunga police have registered a criminal case against Vikram Solar and Vikram Capital Management Pvt Ltd, along with 11 of their directors, following a complaint of a ₹1,050-crore fraud.
FraudVikram SolarVikram CapitalMatunga PoliceNilang Navneet ShahReal Estate MumbaiAug 26, 2025
According to the FIR, Shah alleges that he was defrauded by the directors of the Vikram group of companies under the pretext of a solar module export deal to a US-based buyer, Kopia Power Devco. The FIR names Vikram Solar Ltd and Vikram Capital Management Pvt Ltd, along with their directors Dnyanesh Chaudhary, Krishna Kumar Maskara, Vikram Swaroop, Probir Roy, Neha Agarwal, Ratnabali Kakkar, Subramani Krishnappa, Ewan Saha, Ulpi Gupta, Siddhnath Pradhan, and Parikshit Chiripal.
In January 2022, Shah was introduced to Dnyanesh Chaudhary through a mutual acquaintance at an office in Dadar East. Chaudhary, a director in both Vikram Solar Ltd and Vikram Capital Management Pvt Ltd, proposed a business model where Vikram Solar would supply solar photovoltaic modules, and Shah’s Seklink would help facilitate exports to overseas buyers like Kopia Power. The parties agreed on a tripartite agreement signed on January 4, 2023, promising Shah a 12% margin on the deal amounting to Rs 76 crore (approximately $9.6 million).
In May 2022, Kopia reportedly issued a purchase order worth $131 million (approx. Rs 1,050 crore) to Vikram Solar and made a 20% advance payment of Rs 210 crore. Shah claims this critical information was not shared with him, and that the Vikram companies allegedly manipulated the paperwork postdated to misappropriate the funds. As per Shah, Vikram Capital, which was not originally part of the Kopia deal, was wrongfully introduced as the distributor for the export, and Shah was misled into signing older, backdated agreements that enabled the Vikram group to misuse the Standby Letter of Credit (SBLC) issued for the export transaction.
Instead of using the SBLC funds for producing and exporting PV modules to the US buyer, the accused allegedly diverted the funds to bolster their bid under the Government of India’s Production Linked Incentive Scheme (PLI – Tranche II), for domestic solar manufacturing. When Shah demanded his 12% margin as agreed, he was promised payment via a postdated cheque. Krishna Kumar Maskara, a director at Vikram Solar, reportedly issued a cheque (No. 677119 dated November 4, 2023) as a guarantee.
However, the cheque bounced twice, once on November 7, 2023, and again on January 29, 2024, with the bank citing a “stop payment” instruction by the drawer. In a further twist, Vikram Solar later claimed the cheque had been lost or stolen, which Shah asserts is a blatant attempt to cover up the “fraud”. Shah, realizing the extent of the alleged fraud, filed a written complaint with Matunga police station and moved the 30th Court in Kurla.
The court has since directed the police to register a criminal case. Following court orders, the Matunga police have registered a case under the Indian Penal Code Sections 120(B) (criminal conspiracy), 406 (criminal breach of trust), 409 (criminal breach of trust by public servant, or by banker, merchant or agent), 417 (cheating), 418 (cheating with knowledge), and 420 (cheating and dishonestly inducing delivery of property).
Frequently Asked Questions
Who filed the complaint against Vikram Solar and Vikram Capital?
The complaint was filed by Nilang Navneet Shah, a 50-year-old businessman and director at Seklink Technologies and Realty Pvt Ltd.
What is the alleged amount of the fraud?
The alleged fraud amount is ₹1,050 crore.
What was the nature of the business deal between Shah and Vikram Solar?
The deal involved Vikram Solar supplying solar photovoltaic modules, with Shah’s company, Seklink, facilitating the export to a US-based buyer, Kopia Power Devco.
What did the accused allegedly do with the funds?
The accused allegedly diverted the funds to bolster their bid under the Government of India’s Production Linked Incentive Scheme (PLI – Tranche II) for domestic solar manufacturing.
Under which sections of the Indian Penal Code was the case registered?
The case was registered under IPC Sections 120(B), 406, 409, 417, 418, and 420.
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