ED files charge sheet in ₹932.54 crore Nexa Evergreen Ponzi fraud in Jaipur
Synopsis
A Rajasthan-based investment scheme that promised 3% weekly returns on Dholera land projects defrauded over 47,000 investors of ₹932.54 crore before vanishing overnight in January 2023. The ED has now filed a formal PMLA charge sheet — and attached ₹52 crore in assets including a Goa resort stake and Gujarat land parcels — signalling that prosecution is imminent.
Key Takeaways
The ED filed a charge sheet on 7 October 2026 before the Special Court (PMLA), Jaipur in the Nexa Evergreen investment fraud .
The group collected approximately ₹2,676 crore from investors between 2019 and 2023 ; 47,664 investors suffered an aggregate shortfall of ₹932.54 crore .
Investors were lured with promises of 3% weekly returns for 60 weeks tied to land projects at Dholera Smart City, Gujarat .
Key accused Subhash Chandra Bijroniya was arrested on 10 August 2026 and remains in judicial custody.
Assets worth approximately ₹52 crore — including 69 properties and bank/crypto accounts — have been seized, frozen, or attached so far.
The Enforcement Directorate (ED) has filed a charge sheet before a Special Court (PMLA) in Jaipur in connection with the ₹932.54 crore Nexa Evergreen investment fraud, naming Subhash Chandra Bijroniya alias Subhash Chandra Bijarnia and others as accused. The charge sheet was filed on 7 October 2026 under Sections 44 and 45 of the Prevention of Money Laundering Act (PMLA), 2002, according to an official statement.
Scale of the Fraud
Investigators found that the Nexa Evergreen Group collected approximately ₹2,676 crore from investors between 2019 and 2023. Of this, returns fell short by ₹932.54 crore, leaving tens of thousands of investors out of pocket. According to the company's own software data, 47,664 investors received less than the amount they originally put in.
The accused allegedly lured investors by falsely claiming that funds would be channelled into land development and plotting projects at Dholera Smart City, Gujarat, backed by promises of assured weekly returns of 3 per cent for 60 weeks. Investors were also enticed with allotment of plots and rewards including laptops, motorcycles and cars for recruiting new participants under a multi-level referral scheme — a hallmark of Ponzi-style operations.
How the Scheme Collapsed
In January 2023, payments were abruptly stopped. The company's website, mobile application, and offices were simultaneously shut down, leaving investors with no recourse. The ED's investigation was initiated on the basis of multiple FIRs and charge sheets filed earlier by Rajasthan Police against the Nexa Evergreen Group.
Investigators found that Ranveer Singh alias Ranveer Bijarnia and Subhash Chandra Bijroniya exercised complete control over the fraudulent operation. They reportedly floated a network of companies, LLPs, partnership firms, and proprietorship concerns — registered in the names of associates and investors — to layer the proceeds of crime and obscure the true source and ownership of funds.
Searches, Seizures and Attachments
In June 2025, the ED conducted searches at 25 premises across Jaipur, Sikar, Jhunjhunu, and Ahmedabad under Section 17 of the PMLA, seizing cash worth ₹2.05 crore and freezing ₹15.31 crore in bank and crypto accounts.
On 6 October 2026, the agency attached 69 immovable properties and balances in 26 bank accounts/term deposits collectively valued at ₹34.91 crore. The attached assets include land parcels and plots at Dholera and Dhandhuka (Gujarat), residential flats at Ahmedabad and Sikar, and a 45 per cent shareholding in a resort company at Calangute, Goa. In total, assets worth approximately ₹52 crore have been seized, frozen, or attached in the case to date.
Arrest and Custody
Subhash Chandra Bijroniya was arrested on 10 August 2026 under Section 19 of the PMLA and is currently in judicial custody. The filing of the charge sheet before the Special PMLA Court marks a significant step toward trial, as the case now moves from the investigation phase to formal prosecution.
With the charge sheet now on record, the Special Court is expected to take cognisance and set proceedings in motion — a development that over 47,000 defrauded investors will be closely watching.
Point of View
The money has moved through shells and crypto layers. The multi-level referral structure also points to a regulatory blind spot — schemes that dress up Ponzi mechanics as 'referral rewards' continue to exploit the absence of a unified, real-time investor registry. Accountability for the promoters is necessary, but the harder question is why ₹2,676 crore could be collected over four years without a single early regulatory intervention.
NationPress
13 Oct 2026
Frequently Asked Questions
What is the Nexa Evergreen investment fraud?
The Nexa Evergreen fraud was a Ponzi scheme in which the group collected approximately ₹2,676 crore from investors between 2019 and 2023, promising 3% weekly returns for 60 weeks from land projects at Dholera Smart City, Gujarat. Payments were abruptly stopped in January 2023, leaving 47,664 investors with a combined shortfall of ₹932.54 crore.
Why has the ED filed a charge sheet in this case?
The ED filed the charge sheet under Sections 44 and 45 of the PMLA, 2002, after its investigation established that funds collected from investors were layered through a network of companies, LLPs, and bank accounts to conceal the proceeds of crime. The charge sheet, filed on 7 October 2026, moves the case from the investigation stage to formal prosecution before the Special PMLA Court in Jaipur.
Who are the main accused in the Nexa Evergreen fraud?
The primary accused are Subhash Chandra Bijroniya (also known as Subhash Chandra Bijarnia) and Ranveer Singh alias Ranveer Bijarnia, who allegedly exercised complete control over the operation. Bijroniya was arrested on 10 August 2026 and is currently in judicial custody.
What assets has the ED seized in this case?
The ED has seized, frozen, or attached assets worth approximately ₹52 crore. This includes ₹2.05 crore in cash and ₹15.31 crore in bank and crypto accounts from June 2025 searches, plus 69 immovable properties and 26 bank accounts/term deposits worth ₹34.91 crore attached on 6 October 2026 — covering land in Gujarat, flats in Ahmedabad and Sikar, and a 45% stake in a resort at Calangute, Goa.
How were investors lured into the Nexa Evergreen scheme?
Investors were promised assured weekly returns of 3% for 60 weeks, with funds supposedly invested in land development at Dholera Smart City in Gujarat. The scheme also offered plot allotments and material rewards — laptops, motorcycles, and cars — for recruiting new investors under a multi-level referral structure, which investigators say is characteristic of a Ponzi scheme.
