ED takes custody of accused as probe into multi‑crore land fraud deepens
Jaipur — The Enforcement Directorate (ED) has arrested a principal accused in a large land‑investment fraud linked to the Nexa Evergreen group, officials said on Tuesday, as investigators step up action in a case that has shaken investors across Rajasthan.
The agency said it detained Subhash Chandra Bijnoriya (also referred to as Subhash Chandra Bijarnia) under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, and produced him before the Special Court (PMLA), Jaipur. The court remanded him to ED custody until 13 August for questioning in the probe.
According to the ED statement, the investigation centres on a scheme that allegedly mobilised ₹2,676 crore from a large number of investors. The agency said the fraudsters, led by Ranveer Bijarniya and Subhash Chandra Bijnoriya with associates, purported to put investor funds into land development and plotting projects at Dholera Smart City in Gujarat.
- Investors were reportedly promised assured weekly returns of 3 per cent for 60 weeks.
- The scheme allegedly used a multi‑level referral model offering commissions and rewards — including laptops, motorcycles and cars — to recruit new investors.
- Rajasthan Police had earlier filed multiple FIRs and chargesheets against Nexa Evergreen entities, prompting the ED to open a money‑laundering probe.
Searches conducted by the ED in June 2025 covered 25 locations across Jaipur, Sikar, Jhunjhunu and Ahmedabad. Those raids, the agency said, yielded cash seizures and financial records that have been attached to the money‑laundering case.
| Item | Amount / Detail |
|---|---|
| Alleged funds collected | ₹2,676 crore |
| Cash seized during June 2025 searches | ₹2.04 crore |
| Funds frozen in bank/crypto accounts | ₹15 crore |
“Investors were induced with the promise of assured weekly returns and plot allotment, while additional commissions and rewards were offered to enlist new investors,” the ED said in its statement.
The ED said its investigation was triggered by several FIRs and chargesheets filed by Rajasthan Police against the Nexa Evergreen Group in connection with a wide‑ranging investment fraud. The agency is examining financial trails, bank and crypto account details, and electronic devices recovered during searches.
For Jaipur residents, the case highlights the risks posed by schemes promising unusually high guaranteed returns and the use of multi‑level referral incentives to expand investor networks. The seizures and freezing of assets are meant to preserve value for possible future recovery, the ED indicated.
Probes of this scale typically involve forensic examination of documents and digital records, tracing of fund flows across accounts and jurisdictions, and coordination with state police who initially registered the cases. The ED's custodial period will be used to question the accused on sources of funds, movement of money and the role of associates in the suspected laundering of proceeds.
As the process continues in the Jaipur special court, investors who suspect they have been affected are advised to retain transaction proofs and correspondence. Legal and financial remedies often hinge on documentary evidence already gathered in FIRs, chargesheets and agency searches.
The matter remains under investigation, and the ED did not provide further details on the number of investors affected or the identities of all company entities and associates involved. Local authorities have previously pursued civil and criminal avenues in similar land and investment disputes, reflecting a continuing challenge for regulators and consumers in real‑estate related fundraising schemes.
Further developments are expected after the completion of the custodial questioning and follow‑up actions by investigators in Jaipur and other jurisdictions implicated in the probe.
