Archive · 15 Jun 2025
Brothers Accused of Rs 2,700 Crore "Smart City" Fraud
Two brothers tricked about 70,000 people into giving them almost 2700 crore rupees.
They said they were selling land and offering great deals in a 'smart city' project in Gujarat.
They promised big money to those who invested, even offering rewards like laptops and cars for getting others to join.
The brothers took the money and bought expensive things like cars, hotels and transferred money to other companies.
Now, police are investigating the brothers for their actions.
It's like they took people's money and ran.
Two brothers allegedly defrauded approximately 70,000 people of Rs 2,676 crore.
They formed Nexa Evergreen, promising high returns and land in Gujarat's Dholera Smart City.
The scheme involved commissions for recruiting investors and rewards like laptops and cars.
Funds were used to buy land, luxury assets, and transferred to shell companies.
The Enforcement Directorate is investigating money laundering related to the fraud.
- Who
- Subhash and Ranveer Bijarani, along with associates and investors.
- What
- Two brothers are accused of defrauding investors.
- When
- The fraud occurred, and investigations are ongoing as of the report date.
- Where
- The fraudulent company was based in Rajasthan and Ahmedabad, with land investments in Dholera, Gujarat.
- Why
- The brothers allegedly used the money for personal gain and investments while promising investors high returns.
- Suspects
- Subhash and Ranveer Bijarani
- Company Name
- Nexa Evergreen
- Amount Allegedly Defrauded
- Rs 2,676 crore
- Approximate Number of Victims
- 70,000
- Location of Scheme
- Dholera, Gujarat
- Investigation Agency
- Enforcement Directorate (ED)