Jaipur : In a major development against financial fraud in the real estate sector, the Enforcement Directorate (ED) on Thursday launched a multi-state raid targeting key figures involved in a ₹2,700 crore money laundering case. The investigation centers around the controversial Red Nexa Evergreen real estate scheme, which allegedly defrauded hundreds of investors across India.
As part of its crackdown under the Prevention of Money Laundering Act (PMLA), 2002, the ED conducted simultaneous searches at around 24 locations across Rajasthan, Gujarat, and Delhi, intensifying efforts to trace the financial trail and identify the masterminds behind the scam.
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The Red Nexa Evergreen project was marketed as a lucrative investment opportunity, luring individuals with the promise of flats, land parcels, or high returns after a fixed investment period. Investors were told they would either receive premium properties or a significant financial return on maturity.
However, these promises never materialized, and as deadlines passed without any allotment or refund, frustrated investors began filing multiple FIRs, particularly in Rajasthan.
The scale of the fraud and its interstate reach prompted the ED to step in, building on the earlier investigations conducted by the Rajasthan Police.
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Raids Conducted in Rajasthan, Gujarat, and Delhi
On June 12, ED officials raided properties in Jaipur, Jodhpur, Sikar, and Jhunjhunu in Rajasthan. At the same time, teams carried out parallel operations in Ahmedabad (Gujarat) and several locations in Delhi. The searches focused on the residences, offices, and financial records of individuals and firms believed to be beneficiaries of the fraud.
According to sources, the ED is working to trace the money trail, identify how the defrauded funds were layered and parked, and uncover possible links to shell companies or benami assets.
So far, several incriminating documents, digital devices, and transaction records have reportedly been seized. The extent of fund diversion and money laundering is expected to be substantial, given the large number of victims and the estimated scale of ₹2,700 crore.
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ED Takes Over From Rajasthan Police; More Arrests Likely
While the Rajasthan Police was handling the matter based on initial FIRs, the ED’s entry marks a turning point in the probe, enabling the use of financial intelligence tools and national coordination.
“The ED’s involvement is expected to bring out new facts and strengthen the case through forensic audits and bank transaction analyses,” a senior official noted.
The agency is likely to summon key suspects for questioning and could soon initiate provisional attachment of properties linked to the scam. Action will also be taken against intermediaries and entities that facilitated the diversion of investor money.
Authorities emphasized that once the search operations conclude, formal prosecutions and asset seizures under PMLA will follow.