ED raids 25 locations in Rajasthan, Gujarat in Nexa Evergreen money laundering case
The Enforcement Directorate (ED) on Wednesday conducted raids at 25 locations across Jaipur, Sikar, Jhunjhunu and Ahmedabad in connection with the Rs 2,676 crore Nexa Evergreen scam.The ED's Jaipur Zonal Office carried out the searches under the Prevention of Money Laundering Act (PMLA), 2002, targeting key accused Ranveer Bijarniya, Subhash Bijarniya and their associates. The accused allegedly orchestrated a massive Ponzi scheme that defrauded thousands of unsuspecting investors.advertisementAccording to investigators, the accused lured people by claiming their money would be used to develop infrastructure under the Prime Minister's Dholera City Project in Gujarat. Investors were promised either residential plots or exceptionally high returns within short periods.
The accused structured the scheme using multi-level marketing strategies and elaborate referral reward programs to expand their reach. The fraudulent incentives included commissions for recruiting new investors, level-based incomes and luxury gifts such as laptops, bikes and cars upon reaching certain investment thresholds. The officials informed that some early investors received small returns, helping build trust in the scheme. However, the payments stopped suddenly in January 2023. The accused then shut down offices and disappeared, leaving thousands of victims, many of whom had invested life savings or borrowed money, in financial distress. advertisementPolice complaints surged as the scale of the scam became apparent.During the June 12 raids, the ED seized cash amounting to Rs 2.04 crore, froze over Rs 15 crore held in bank accounts and cryptocurrency wallets and confiscated numerous incriminating documents and digital devices. Authorities suspect large-scale laundering of investor money through shell companies and crypto channels. Forensic and financial investigations are ongoing to trace the full extent of fund diversion.The Nexa Evergreen scam is being described as one of India's most complex real estate-related Ponzi schemes in recent years. As more victims come forward, the financial impact is expected to grow, prompting ED and other agencies to intensify their probe into associated entities and assets.Must Watch
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