ED Files Chargesheet in Rs 2,676 Crore Nexa Evergreen Investment Scam Case

Post Views: 27

ED Files Chargesheet in Rs 2,676 Crore Nexa Evergreen Investment Scam Case JAIPUR/NEW DELHI — The Enforcement Directorate has submitted a formal complaint to a specialized judicial body regarding a financial fraud scheme involving Rs 2,676 crore.

Investigation Details

The investigation revealed that the Nexa Evergreen group attracted investments by asserting that funds would be allocated for land development and commercial plotting in Gujarat’s Dholera region. Investors were promised guaranteed weekly returns of 3 percent over 60 weeks or direct ownership of plots corresponding to their initial contributions.

Referral System and Collapse

To expand its operations, the organization established a multi-tiered referral system that incentivized new participants with high-value rewards, including vehicles, motorcycles, and electronic devices. This structure facilitated rapid growth of the investor base. The scheme collapsed in January 2023 when the company ceased operations, shut down its website, and disabled its mobile application, leaving thousands of investors without access to their funds.

Financial Losses and Analysis

The probe determined that the scheme resulted in direct financial losses exceeding Rs 932.54 crore for 47,664 participants. Analysis of internal records and transaction data confirmed that returned amounts fell significantly short of initial deposits.

Key Figures and Legal Entities

Investigators identified Subhash Chandra Bijanoria and Ranveer Singh, also known as Ranveer Bijarania, as key figures overseeing the operation. The duo allegedly created multiple legal entities, including limited liability partnerships and sole proprietorships, using associates’ and investors’ names to channel funds.

Asset Seizures and Legal Actions

Enforcement agencies conducted search operations across 25 locations in Jaipur, Sikar, Jhunjhunu, and Ahmedabad under Section 17 of the Prevention of Money Laundering Act (PMLA) in June 2025. During these operations, Rs 2.05 crore in cash was seized, along with the freezing of Rs 15.31 crore in bank accounts and cryptocurrency holdings.

Arrests and Property Attachments

Subhash Chandra Bijanoria was arrested on August 10, 2026, under Section 19 of the PMLA and remains in judicial custody. On October 6, 2026, a provisional attachment order was issued, seizing 69 immovable properties and 26 bank and fixed deposit accounts valued at Rs 34.91 crore. These assets include residential properties in Ahmedabad and Sikar, land parcels in Dholera and Dhandhuka, and a 45 percent stake in a resort in Calangute, Goa.

Combined cash seizures, frozen assets, and attached properties total approximately Rs 52 crore, with the case now pending adjudication before the specialized court.