Jaipur: The Enforcement Directorate (ED) has arrested Subhash Chandra Bijnoriya, also known as Subhash Chandra Bijarnia, in connection with an alleged ₹2,676 crore investment fraud and money laundering case linked to the Nexa Evergreen Group. The arrest was made on August 10 under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002. Bijnoriya was produced before the Special PMLA Court in Jaipur, which remanded him to ED custody for four days until August 13.
The ED’s Jaipur Zonal Office carried out the arrest following an investigation based on multiple First Information Reports and charge sheets filed by the Rajasthan Police against the Nexa Evergreen Group and its associates. According to the agency, Ranveer Bijarniya and Subhash Chandra Bijnoriya, along with their associates, allegedly collected around ₹2,676 crore from a large number of investors by promising high returns and land plots.
According to the investigation, investors were told that their money would be invested in land development and plotting projects in Dholera Smart City, Gujarat. They were allegedly promised either plots or assured weekly returns of 3% for 60 weeks. The scheme also allegedly offered additional commissions and rewards, including laptops, motorcycles and cars, to investors who brought new people into the network.
The ED has identified Bijnoriya as one of the alleged principal architects and operators of the Nexa Evergreen Group. The agency said he worked alongside Ranveer Bijarniya and exercised control over the alleged investment operation. Investigators have alleged that the accused created and operated multiple companies, Limited Liability Partnerships, partnership firms and proprietorship concerns in the names of associates and investors.
According to the ED, these entities and their bank accounts were allegedly used to collect investor funds, transfer money between accounts, pay returns to earlier investors and acquire immovable properties. The agency has alleged that the arrangement was used to layer the proceeds of crime and conceal the actual source and ownership of the funds.
The investigation has also revealed the alleged use of software platforms and investor management systems for operating the scheme. Banking operations, incorporation of entities and the alleged diversion of funds were also carried out under the directions of the accused, according to the ED.
The agency is now examining the movement of funds collected from investors, the network of entities through which the money was allegedly routed and the properties acquired using the suspected proceeds of crime.
Searches Conducted at 25 Locations
The ED had earlier conducted searches under Section 17 of the PMLA in June 2025 at 25 locations across Jaipur, Sikar, Jhunjhunu and Ahmedabad. During the searches, the agency seized approximately ₹2.04 crore in cash, along with documents and digital devices that it described as incriminating material.
The agency also froze approximately ₹15 crore held in bank and cryptocurrency accounts linked to Nexa Group entities and their associates. The searches were part of the wider investigation into the alleged investment fraud and the movement of funds generated through the scheme.
The ED is examining the financial transactions of the companies and individuals allegedly connected to the group to establish how the investor funds were collected, transferred and ultimately used. Investigators are also looking into the ownership and acquisition of immovable properties allegedly purchased using the suspected proceeds.
The agency is further examining the role of other individuals who may have been involved in the alleged investment network and identifying the ultimate beneficiaries of the suspected proceeds of crime.
Bijnoriya’s arrest is a significant development in the money laundering investigation. Further action is likely to depend on the findings of the ongoing probe into the financial transactions, corporate entities, bank accounts and properties allegedly linked to the Nexa Evergreen Group.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
