JAIPUR/NEW DELHI — The Enforcement Directorate has filed a prosecution complaint before a special Prevention of Money Laundering Act court in Jaipur against key accused Subhash Chandra Bijanoria, also known as Subhash Chandra Bijarania, along with other individuals and linked corporate entities, in connection with the alleged Nexa Evergreen investment scam. The central agency contends that roughly Rs 2,676 crore was mobilized from 47,664 depositors between 2019 and 2023 under the guise of an investment scheme promising high returns and land allotments in the Dholera Smart City zone of Gujarat. Submitted by the ED’s Jaipur Zonal Office under Sections 44 and 45 of the PMLA, 2002, the formal chargesheet maintains that money gathered from retail contributors was redirected toward paying earlier participants, purchasing commercial and residential assets, and concealing proceeds derived from the suspected illegal enterprise.
High Returns Promised and Referral Chains Employed
According to the investigation, representatives of the Nexa Evergreen group solicited funds by claiming deposits would finance land development and commercial plotting across Gujarat’s Dholera region. Contributors were promised assured weekly returns of 3 percent spanning 60 consecutive weeks, or alternatively, direct ownership of plots matched against their capital. To broaden its operational reach, the promoters ran a structured multi-level referral network that rewarded individuals bringing in fresh capital with high-value incentives such as cars, motorcycles, and laptops. These incentive mechanisms permitted the syndicate to rapidly broaden its client base. The payout cycle halted abruptly in January 2023, after which the firm closed its physical offices, pulled down its official website, and deactivated its dedicated mobile application, stranding thousands of contributors seeking their deposits.
Direct Losses Exceed Rs 932 Crore in Suspected Ponzi Setup
Scrutiny of internal software logs and transactional data confirmed that all 47,664 participants suffered direct financial hits, with total capital returned falling well short of initial deposits. The agency has calculated direct net losses at Rs 932.54 crore, reflecting the shortfall between deposited principal and returned sums. Investigators allege the broader scheme operated under the direct oversight of Subhash Chandra Bijanoria and Ranveer Singh, also known as Ranveer Bijarania. The duo allegedly floated dozens of limited liability partnerships, sole proprietorships, and partner entities in the names of associates and investors to route funds. Officials view the financial structure as a standard Ponzi operation where inflows from new joiners funded ongoing obligations to older subscribers, obscuring the primary origins and systematic diversion of public capital into personal assets.
Extensive Raids, Custodial Questioning, and Asset Freezes
In June 2025, enforcement officials launched search operations across 25 locations in Jaipur, Sikar, Jhunjhunu, and Ahmedabad under Section 17 of the PMLA. The initial search procedures led to the seizure of Rs 2.05 crore in liquid cash alongside the freezing of Rs 15.31 crore held across bank accounts and cryptocurrency balances. Subhash Chandra Bijanoria was taken into custody on August 10, 2026, under Section 19 of the statute and remains in judicial custody. On October 6, 2026, the agency issued a provisional attachment order seizing 69 immovable properties alongside 26 bank and fixed deposit accounts carrying an aggregate book value of Rs 34.91 crore. These assets include residential flats in Ahmedabad and Sikar, land parcels in Dholera and Dhandhuka, and a 45 percent interest in a resort enterprise situated in Calangute, Goa. Across cash seizures, frozen balances, and attached assets, the ED has brought approximately Rs 52 crore under restraint, with the merits of the allegations now subject to adjudication before the special court.
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