ED files PMLA case over ₹932.54 crore Nexa Evergreen investment fraud

It matters to citizens as it details the scale of the fraud, the specific charges, and the assets seized to recover funds for affected investors.

Who it concerns: Subhash Chandra Bijnoriya (alias Subhash Chandra Bijarnia), Ranveer Singh (alias Ranveer Bijarnia), other accused persons/entities, the Hon'ble Special Court (PMLA) Jaipur, and 47,664 investors who suffered financial losses.

What the ED says it did

• ED filed a Prosecution Complaint on 07.10.2026 under Sections 44 and 45 of PMLA, 2002.
• Investigation found that approximately Rs. 2,676 Crore was collected from investors between 2019 and 2023.
• Investors were lured with promises of 3% weekly returns for 60 weeks or plot allotments in Dholera Smart City, Gujarat, via a multi-level referral scheme.
• Payments stopped in January 2023, resulting in an aggregate shortfall of Rs. 932.54 Crore for 47,664 investors.
• Accused are alleged to have used a web of companies and bank accounts to layer proceeds of crime in a Ponzi scheme.
• Subhash Chandra Bijnoriya was arrested on 10.08.2026 and is in judicial custody.
• ED attached 69 immovable properties and balances in 26 bank accounts/term deposits valued at Rs. 34.91 Crore via a Provisional Attachment Order dated 06.10.2026.
• Total assets seized, frozen, or attached so far amount to approximately Rs. 52 Crore.

Also in the document

• The fraud involved false claims of investment in land development projects at Dholera Smart City, Gujarat.
• Rewards such as laptops, motorcycles, and cars were offered for enrolling new investors.
• Assets attached include land parcels in Dholera and Dhandhuka (Gujarat), residential flats in Ahmedabad and Sikar, and a 45% shareholding in a resort company in Calangute, Goa.
• Earlier searches in June 2025 resulted in the seizure of Rs. 2.05 Crore in cash and freezing of Rs. 15.31 Crore in bank and crypto accounts.