Jaipur ED files charge sheet in Rs 932.54 crore Nexa Evergreen investment fraud

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Key takeaways

The Enforcement Directorate filed a charge sheet in a Rs 932.54 crore investment fraud case.
Nexa Evergreen group allegedly lured investors with false promises of high returns in Dholera Smart City projects.
Authorities have seized, frozen, or attached approximately Rs 52 crore in assets related to the scheme.

Digital Desk | Jaipur, Oct 13 (IANS) The ED filed a charge sheet before a Special Court (PMLA) in Jaipur in the Rs 932.54 crore Nexa Evergreen investment fraud against Subhash Chandra Bijroniya alias Subhash Chandra Bijarnia and others, an official said on Tuesday. The Enforcement Directorate (ED), Jaipur Zonal Office, filed the charge sheet on October 7 before the Special Court (PMLA), Jaipur, under Sections 44 and 45 of the Prevention of Money Laundering Act (PMLA), 2002, the official said in a statement.

The investigation revealed that approximately Rs 2,676 crore was collected from investors through the Nexa Evergreen group between 2019 and 2023, but the returns to investors fell short by Rs 932.54 crore, said the statement. The ED investigation was initiated on the basis of multiple FIRs and charge sheets filed by Rajasthan Police against the Nexa Evergreen Group, said the statement.

Investigation revealed that the accused lured investors by falsely claiming that the funds would be invested in land development and plotting projects at Dholera Smart City, Gujarat, with promises of assured weekly returns of 3 per cent for 60 weeks, the ED said. The company also lured investors with the promise of allotment of plots, along with rewards such as laptops, motorcycles and cars for enrolling new investors under a multi-level referral scheme, the ED said.

In January 2023, payments were abruptly stopped, and the website, mobile application and offices were shut down. According to the company's software data, 47,664 investors received less than the amount invested by them, resulting in an aggregate shortfall of Rs 932.54 crore.

The investigation further revealed that Ranveer Singh alias Ranveer Bijarnia and Subhash Chandra Bijroniya exercised complete control over the fraudulent operation and floated a network of companies, LLPs, partnership firms and proprietorship concerns in the names of associates and investors, the ED said. These entities and their bank accounts were used for collection of investor funds, payment of returns to earlier investors in the nature of a Ponzi scheme, and acquisition of immovable properties, thereby layering the proceeds of crime and concealing their true source and ownership, it said.

Earlier, the ED conducted searches under Section 17 of the PMLA in June 2025 at 25 premises in Jaipur, Sikar, Jhunjhunu and Ahmedabad, resulting in seizure of cash worth Rs 2.05 crore and freezing of Rs 15.31 crore lying in bank and crypto accounts. Subhash Chandra Bijroniya was arrested on August 10, 2026 under Section 19 of the PMLA and is presently in judicial custody.

On October 6, 2026, the ED attached 69 immovable properties and balances in 26 bank accounts/term deposits collectively valued at Rs 34.91 crore, including land parcels and plots at Dholera and Dhandhuka (Gujarat), residential flats at Ahmedabad and Sikar, and a 45 per cent shareholding in a resort company at Calangute, Goa. With this, assets worth approximately Rs 52 crore have been seized, frozen or attached in the case so far, the ED said.

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