Latest news with #SubhashBijarniya
India Today
a day ago
- Business
- India Today
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 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 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 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 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 Watch
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Business Standard
3 days ago
- Business
- Business Standard
Nexa Evergreen land Scam: ED raids 24 sites across Rajasthan, Gujarat
The Enforcement Directorate (ED) on Thursday conducted a large-scale search operation at 24 locations across Rajasthan and Gujarat in connection with a money laundering case worth ₹2,700 crore linked to the Nexa Evergreen project. 'ED has recorded an ECIR (Enforcement Case Information Report) on the basis of FIRs filed by Rajasthan Police against Nexa Evergreen. They duped investors to the tune of ₹2,700 crore by luring them with promises of high returns and land plots in Dholera city, Gujarat. Searches were conducted at 24 locations in Sikar, Jaipur, Jodhpur, Jhunjhunu, and Ahmedabad,' sources said. The company is accused of defrauding nearly 62,000 individuals, primarily by offering affordable flats and land parcels in Dholera, Gujarat. In cases where land could not be allotted, investors were promised high-interest returns. Although some received possession initially, the scheme was later exposed as fraudulent, leaving most investors without recourse. A senior official told Business Standard that the company had raised around ₹2,700 crore from investors through misleading assurances. The company's promoters, Subhash Bijarniya and Ranveer Bijarniya—both from Sikar in Rajasthan—allegedly targeted both civilians and government employees, including members of the police and armed forces. The duo marketed a scheme that promised to double investments within 14 months. Nexa Evergreen's background Nexa Evergreen Private Limited is a Gujarat-based real estate firm incorporated on 17 April 2021 and registered in Ahmedabad. The company claims to be engaged in buying, selling, and developing residential and commercial land. Separate ED action in Jaypee Group case last month Last month, the ED said it had seized ₹1.7 crore in cash and documents related to immovable assets during raids against Jaypee Infratech Ltd (JIL), Jaiprakash Associates Ltd (JAL), and associated entities in a separate money laundering investigation linked to alleged fraud involving homebuyers. The searches were carried out on 23 May at 15 premises in Delhi, Noida, Ghaziabad, and Mumbai under the Prevention of Money Laundering Act (PMLA). "The search covered offices and premises of JAL, its related entities, and its promoter directors," the agency stated. Searches were also conducted at premises associated with key business partners of JAL, including Gaursons India Pvt Ltd, Gulshan Homz Pvt Ltd, and Mahagun Real Estate Pvt Ltd, the statement added.
Hindustan Times
3 days ago
- Business
- Hindustan Times
ED raids 24 locations in Raj, Guj in ₹2,700 Cr Nexa Evergreen money laundering case
New Delhi: The enforcement directorate (ED) on Thursday raided 24 locations in Rajasthan and Gujarat in connection with an alleged ₹2,700 crore money laundering case by Nexa Evergreen, people familiar with the development said. The agency started probing after multiple First Information Reports (FIRs) were filed under the Prevention of Money Laundering Act (PMLA) by the Rajasthan Police. Nexa Evergreen had allegedly promised high returns to individuals investing in properties in Gujarat's Dholera Smart City project. 'Raids were conducted at 24 locations in Sikar, Jaipur, Jodhpur and Jhunjhunu in Rajasthan and Ahmedabad in Gujarat under PMLA,' an ED officer said. Also read: Dino Morea smiles, looks relaxed as he arrives at ED for questioning in ₹65 crore Mithi river desilting scam case. Watch The company's promoters, Subhash Bijarniya and Ranveer Bijarniya, both from Sikar in Rajasthan, allegedly targeted civilians and government employees, including police officers and army personnel, by promising to double their money in 14 months. They allegedly laundered ₹2,700 crore before disappearing with the investors' money.
