The Enforcement Directorate (ED) has arrested Subhash Chandra Bijnoriya – also known as Subhash Chandra Bijarniya – one of the principal architects of the Nexa Evergreen Group, in a sweeping money laundering investigation tied to a ₹2,676 crore investment fraud that allegedly duped tens of thousands of investors across India.tors across India.

The Arrest

Bijnoriya was taken into custody on August 10, 2026, by the ED’s Jaipur zonal office, acting under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002. He was produced before the Special PMLA Court in Jaipur, which remanded him to ED custody until August 13.

The arrest follows a string of FIRs and chargesheets filed by Rajasthan Police against the Nexa Evergreen Group over what investigators describe as a large-scale, organized investment fraud.

How the Scam Allegedly Worked

According to the ED, Bijnoriya operated the scheme alongside his brother, Ranveer Bijarniya, and a network of associates. Investors were lured with promises that their money would be funneled into land development and plotting projects tied to the Dholera Smart City project in Gujarat – a flagship, government-associated infrastructure initiative, which lent the scheme an air of legitimacy.

The pitch to investors included:

• Assured weekly returns of 3% for 60 weeks, or
• Allotment of residential/commercial plots in lieu of cash returns

To fuel rapid growth, the group layered in a classic multi-level marketing (MLM) structure — investors earned additional commissions and rewards for recruiting new investors into the scheme. Top-performing recruiters were reportedly incentivized with laptops, motorcycles, and even cars.

Investigators say a large number of investors, primarily across Rajasthan and Gujarat, were pulled into the scheme, with multiple cases registered.

Money Trail and Seizures

The ED’s investigation points to a sophisticated laundering operation, allegedly using shell companies and cryptocurrency channels to move and obscure investor funds. Related reporting on the broader Nexa Evergreen network points to ownership routed through at least 27 shell companies used for fund diversion and asset concealment.

So far, enforcement action has resulted in:

• Raids at 25 locations across Jaipur, Sikar, Jhunjhunu, and Ahmedabad
• ₹2.04 crore in cash seized
• Approximately ₹15 crore frozen across bank accounts and crypto wallets linked to Nexa Group entities and associates

Forensic and financial investigators say the probe into the full extent of fund diversion is still ongoing.

Why Dholera Made the Scam Convincing?

Dholera is a real, large-scale smart-city project under development in Gujarat, publicly associated with major infrastructure investment. By tying the scheme’s promises to a genuine, high-profile government project, the accused were able to lend false credibility to what regulators now allege was, at its core, a Ponzi structure — paying early “returns” using money collected from new investors, rather than actual land development revenue.

This is a recurring pattern in large Indian investment frauds: attaching a fraudulent scheme’s narrative to a real, trusted project or brand name to lower investors’ guard.

The Bigger Picture-

The Nexa Evergreen case adds to a growing list of major money laundering and Ponzi-scheme investigations the ED has pursued in 2026, reflecting continued scrutiny of unregulated investment and real estate schemes that promise unusually high, fixed returns.

Financial experts consistently flag a few common warning signs seen in cases like this:

• Guaranteed high returns (e.g., fixed weekly/monthly percentage payouts) – legitimate real estate or market-linked investments rarely offer guaranteed fixed returns.
• Recruitment-based commissions – if you earn more by bringing in new investors than from the underlying investment itself, it’s a red flag for a Ponzi/MLM structure.
• Borrowed legitimacy – schemes that associate themselves with famous government projects or brands without providing verifiable documentation.

What Happens Next

With Bijnoriya now in ED custody until August 13, further questioning is expected to focus on tracing the complete money trail, identifying additional shell entities, and locating any remaining hidden assets – including crypto holdings – linked to the network.

Investigators are also expected to pursue co-accused Ranveer Bijarniya and other associates named in the ongoing probe.

If you believe you have been a victim of an investment fraud or Ponzi scheme ( Investment fraud), you can report it to the Enforcement Directorate, local police, or file a complaint via the national cybercrime portal at cybercrime.gov.in or the helpline 1930.

Need Forensic Investigation Support?

Cases like Nexa Evergreen highlight how modern financial fraud increasingly relies on shell companies, layered transactions, and crypto wallets to move and hide money. Investigating these trails requires specialized digital and financial forensic expertise. Our teams assist with:

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Note: These are private forensic and cybersecurity firms, separate from the Enforcement Directorate and Government of India cybercrime channels referenced above. For reporting an active fraud, always use the official ED, local police, or 1930/cybercrime.gov.in channels first.