The verdict was delivered by Judicial First Class Magistrate R Jayakrishnan on a complaint by NRI Baburaj that the accused had swindled about Rs 1.19 crore from him by offering a share in their company "Team Solar" and the post of Director.
Both the convicts were present in the court.
While Biju is behind bars since the past one year in connection with the murder of his wife, Saritha is out on bail.
It was also found them guilty of charges of fabricating documents and swindling money.
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This is the first verdict in one of the 33 cases involving a total amount of Rs 6.85 crore registered in connection with the solar panel scam. A special investigation team was probing the case.
Solar scam pertains to cheating of several persons of crores of rupees by Saritha and Radhakrishnan by offering solar panel solutions. The duo canvassed business by using high-level names, including that of Chief Minister Oommen Chandy, according to the prosecution.
The opposition had launched a vociferous agitation pressing for Chandy's resignation.
Following opposition pressure, the government had also set up a judicial commission to probe the scam. The commission is in the process of taking evidences from various witnesses.