Jaipur: Enforcement Directorate (ED) Friday filed a chargesheet against Nexa Evergreen Group director Subhash Bijarnia, 12 companies and 10 individuals in an alleged Rs 2,676 crore investment fraud. The agency has provisionally attached assets worth Rs 34.91 crore in the case.The chargesheet was filed before the special court dealing with Prevention of Money Laundering Act (PMLA) cases under Sections 3 and 4 of the Act, said senior counsel Shailendra Agarwal, who represented the ED.According to the agency, the group collected around Rs 2,676 crore from investors between 2019 and 2023. Data recovered from the company’s software showed 47,664 investors were affected, with an aggregate shortfall of Rs 932.54 crore. Most investors were retired army personnel, Agarwal said.The alleged fraud involved promises of investments in land development and plotting projects at Dholera Smart City in Gujarat. Investors were allegedly offered weekly returns of 3% to 5% for 60 weeks or plots. The scheme also promised commissions and rewards, including laptops, motorcycles and cars, for enrolling new investors through a multi-level referral system, an ED officer said.The agency alleged that Subhash Bijarnia and Ranveer Bijarnia controlled operations through companies, limited liability partnerships, partnership firms and proprietorships registered in the names of associates and investors. Their bank accounts were allegedly used to collect funds, transfer money, pay returns to earlier investors in a Ponzi-like arrangement and acquire properties to conceal proceeds of crime.The attached assets include 69 immovable properties valued at Rs 29.37 crore and Rs 5.54 crore in 26 bank accounts and term deposits. The properties include land and plots in Dholera and Dhandhuka, flats in Ahmedabad and Sikar, a plot in Dausa district and a 45% stake in a resort in Goa.In June 2025, the ED searched 25 premises in Jaipur, Sikar, Jhunjhunu and Ahmedabad, seizing Rs 2.05 crore in cash, documents and digital devices. It later identified Rs 15.31 crore in bank and crypto accounts linked to the group and its associates.
