The Enforcement Directorate (ED) has arrested Subhash Chandra Bijnoriya, a key accused in a massive Rs 2,676 crore land investment fraud case linked to the Nexa Evergreen Group. The arrest was made in Jaipur as part of the agency’s ongoing money laundering investigation into allegations that a large number of investors were lured into fraudulent land investment and plotting schemes. Bijnoriya was subsequently produced before a Special Court under the Prevention of Money Laundering Act (PMLA) in Jaipur, which remanded him to ED custody until August 13 for further questioning.
According to the ED, around Rs 2,676 crore was allegedly collected from investors by Bijnoriya, Ranveer Bijarniya and their associates through the Nexa Evergreen Group. The agency has alleged that investors were attracted with promises of high and assured returns on investments supposedly linked to land development and plotting projects in Gujarat’s Dholera Smart City.
The investigation alleges that investors were promised weekly returns of three per cent for a period of 60 weeks or the allotment of plots. The scheme also reportedly offered additional commissions and incentives, including expensive rewards such as laptops, motorcycles and cars, to people who brought new investors into the network. The ED has described the arrangement as operating along the lines of a multi-level referral structure.
The agency has further alleged that Bijnoriya was one of the principal operators of the Nexa Evergreen Group and worked with Ranveer Bijarniya to control the alleged fraudulent operation. According to the ED, a network of companies, limited liability partnerships, partnership firms and proprietorship concerns was created in the names of associates and investors. These entities were allegedly used to collect investors’ money, transfer funds between accounts, pay returns to earlier investors and acquire properties, making it difficult to trace the original source of the funds.
The ED’s investigation also found that several operational aspects of the alleged scheme, including the software platform, investor management system, banking operations and incorporation of entities, were carried out under the direction of the accused, according to the agency. The probe is based on multiple FIRs and chargesheets filed by Rajasthan Police against the Nexa Evergreen Group in connection with the alleged investment fraud.
The latest arrest follows earlier enforcement action in the case. In June 2025, the ED conducted searches at 25 locations across Jaipur, Sikar, Jhunjhunu and Ahmedabad. During those searches, the agency said it seized Rs 2.04 crore in cash along with documents and digital devices containing information relevant to the investigation. The agency also froze approximately Rs 15 crore held in bank and cryptocurrency accounts linked to Nexa Group entities and associates.
The case highlights the risks associated with investment schemes that promise unusually high or guaranteed returns, particularly when such returns are linked to referral-based recruitment. While the investigation is continuing, the allegations made by the ED remain subject to legal proceedings, and the accused will have the opportunity to contest the charges before the appropriate courts.
With Bijnoriya now in ED custody, investigators are expected to question him about the flow of investor funds, the network of entities allegedly used in the operation and the role of other individuals associated with the Nexa Evergreen Group. The agency’s further investigation could provide more details about the scale of the alleged fraud, the number of investors affected and the movement of the suspected proceeds of crime.
