ED raids Nexa Evergreen in Ahmedabad, Jaipur in ₹2,676 cr scam promising high returns on investment in Dholera

The Enforcement Directorate (ED) conducted raids in Ahmedabad and Jaipur on June 12 in connection with a ₹2,676 crore scam carried out under the guise of promising quick profits through land investments in Gujarat’s Dholera.

The scam involved luring investors by offering plots in the Dholera Smart City project with promises of 100% returns in a short time. Acting on various FIRs registered with the Rajasthan police, the ED raided units of Nexa Evergreen in Ahmedabad, Jaipur, Sikar, and Jhunjhunu. During these operations, the agency seized ₹15 crore from crypto accounts and ₹2.04 crore in cash.

The companies raided were identified as part of the Nexa Evergreen, promoted by Ranveer Bijarnia and Subhash Bijarnia.

These individuals allegedly attracted investors by showcasing various projects in Dholera, offering unrealistic promises of doubling investments quickly. They designed different investment schemes and promised commissions to those who brought in other investors. Additional incentives such as laptops, bikes, and cars were offered to those who helped attract more funds. Higher commissions were promised to those who brought investments exceeding a set limit.

Tempted by the allure of quick returns, many investors put in their life’s  savings, some even taking bank loans or investing savings of their family members. After receiving substantial investments, the companies locked their offices and vanished. The key people behind the scam also absconded.

So far, ₹2.04 crore in cash has been seized, and another ₹15 crore has been recovered through bank accounts. All bank accounts linked to Nexa Group and its associate companies have now been frozen.