In October 2021, Atul Narayan Paygavhan’s AP Enterprises entered a joint venture with Gurugram‑based ‘Tesla Power India Limited’ to sell batteries, inverters and solar panels across Maharashtra and Goa. Paygavhan deposited Rs 1 crore as a security deposit, with an agreed 6 per cent return and a 3.75 per cent commission on sales. The partnership operated for 18 months before sales dipped, leading to a mutual dissolution in December 2024.
The ‘Tesla’ side promised to refund the security deposit, outstanding commissions and the value of returned stock—amounting to Rs 1,22,12,848—by March 2025. When the deadline passed, Paygavhan filed a FIR alleging fraud. The complaint names managing directors Kavinder Khurana and Vritika Khurana as responsible parties.
Police investigators allege that the company changed its name in September 2023 from ‘Tesla Power USA Inc.’ to ‘Tesla Power India Limited’ to obtain tax benefits and sidestep legal responsibility. Paygavhan has requested the police to file a criminal case and to order the accused to repay the full amount.
A court hearing is scheduled for June 15, 2026, where the accused will face charges of misappropriation and will be ordered to repay the amount or face further penalties.