3 weeks ago
Key accused arrested in Rs 2,676 crore Nexa Evergreen fraud
Police caught one of the main people behind a very big money trick.
The trick is called the Nexa Evergreen land investment fraud.
The people running it collected about 2,676 crore rupees from many investors.
They told investors their money would be used to buy and develop land at Dholera Smart City in Gujarat.
They promised that investors would get 3% of their money back every week for 60 weeks.
They also offered gifts like laptops, motorcycles and cars to people who brought in new investors.
But instead of buying land, they used new money from fresh investors to pay older investors.
This kind of trick, where new money pays old promises, is called a Ponzi scheme.
Officers from the Enforcement Directorate, a special agency that fights money crimes, arrested one of the main suspects.
He will stay in their custody until August 13 while they question him.
The ED's Jaipur Zonal Office arrested Subhash Chandra Bijnoriya (alias Subhash Chandra Bijarnia), a key accused in the Rs 2,676 crore Nexa Evergreen land investment fraud.
He was arrested under Section 19 of the Prevention of Money Laundering Act, 2002, and the Special Court (PMLA), Jaipur, remanded him to ED custody until August 13.
The ED says Rs 2,676 crore was collected from a large number of investors by Ranveer Bijarniya, Subhash Chandra Bijnoriya and their associates.
June 2025 searches at 25 locations in Jaipur, Sikar, Jhunjhunu and Ahmedabad seized Rs 2.04 crore in cash, records and digital devices, while Rs 15 crore in linked bank/crypto accounts was frozen.
Investors were promised 3% weekly returns for 60 weeks or plots at Dholera Smart City, plus referral rewards like laptops, motorcycles and cars, in what the ED describes as a Ponzi-style scheme.
- Who
- Subhash Chandra Bijnoriya (alias Subhash Chandra Bijarnia), a key accused and alleged principal operator of the Nexa Evergreen Group, arrested by the ED Jaipur Zonal Office; co-accused Ranveer Bijarniya.
- What
- Arrest and money laundering investigation in the Rs 2,676 crore Nexa Evergreen land investment fraud.
- Where
- Jaipur, where the arrest was made and the court hearing took place; searches were also conducted in Sikar, Jhunjhunu and Ahmedabad, with investments linked to Dholera Smart City in Gujarat.
- When
- On Monday, with the accused remanded to ED custody by the Special Court (PMLA), Jaipur, until August 13.
- Why
- Because the ED alleges the accused ran a Ponzi-style fraud, collecting funds under false land-development promises, paying earlier investors with new money and layering the proceeds of crime.
Key facts
- Fraud amount
- Rs 2,676 crore
- Accused arrested
- Subhash Chandra Bijnoriya (alias Subhash Chandra Bijarnia)
- Arrest provisions
- Section 19 of the Prevention of Money Laundering Act (PMLA), 2002
- Custody
- ED custody remanded until August 13
- Cash seized (June 2025)
- Rs 2.04 crore
- Frozen funds
- Rs 15 crore in bank/crypto accounts of Nexa Group entities/associates
- Searches
- 25 locations in Jaipur, Sikar, Jhunjhunu and Ahmedabad
- Promised returns
- 3% weekly for 60 weeks or plot allotment, plus referral rewards (laptops, motorcycles, cars)
Sources
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