Nexa Evergreen 'fraud': ED arrests Subhash Chandra Bijnoriya in Rs 2,676 crore money laundering case

Subhash Chandra Bijnoriya alias Subhash Chandra Bijarnia, one of the principal architects and operators of the Nexa Evergreen Group, was arrested under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, in the case wherein Rs 2,676 crore was collected from a large number of investors by Ranveer Bijarniya and Subhash Chandra Bijnoriya along with their associates.

Subhash was arrested on August 10. He was produced before the Special PMLA court, Jaipur, which has remanded him to the custody of the ED for four days up to August 13.

ED's Jaipur zonal office arrested Subhash following its investigation based on multiple First Information Reports (FIRs) and chargesheets filed by Rajasthan Police against the Nexa Evergreen Group in connection with a large-scale investment fraud.

"Investigation revealed that the key accused, Ranveer Bijarniya and Subhash Chandra Bijnoriya, in conspiracy with their associates, lured investors by falsely claiming that the funds would be invested in land development and plotting projects at Dholera Smart City, Gujarat," said the ED in a statement.

"Investors were induced to invest on the promise of assured weekly returns of 3 per cent for 60 weeks or allotment of plots, while additional commissions and rewards, including laptops, motorcycles and cars, were offered for enrolling new investors under a multi-level referral scheme."

ED investigation revealed that Subhash was one of the principal architects and operators of the Nexa Evergreen Group and, together with Ranveer Bijarniya, exercised complete control over the entire fraudulent operation.

"They floated and operated a web of companies, Limited Liability Partnerships (LLPs), partnership firms and proprietorship concerns in the names of associates and investors for layering and routing the proceeds of crime. These entities and their bank accounts were systematically used for collection of investors' funds, inter-account transfers, payment of returns to earlier investors like a Ponzi scheme, and acquisition of immovable properties, thereby concealing the true source and ownership of the funds."

ED said its investigation also revealed that the software platform, investor management, banking operations, incorporation of entities and diversion of funds were all carried out under their directions.

Earlier, ED said, searches were also conducted by the agency under Section 17 of the PMLA in June 2025 at 25 locations in Jaipur, Sikar, Jhunjhunu and Ahmedabad, which resulted in the seizure of cash amounting to Rs 2.04 crore along with various incriminating records and digital devices.

Further, an amount of approximately Rs 15 crore lying in the bank accounts and crypto accounts linked with various Nexa Group entities and associates was also frozen. (ANI)