What Led to the ED Raiding 25 Locations in a Major Money Laundering Case?
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Synopsis
In a dramatic crackdown, the Enforcement Directorate has seized substantial assets in a money laundering investigation tied to the Nexa Group. With Rs 2.04 crore in cash and a staggering Rs 15 crore frozen, the ED's operations across multiple cities reveal a complex web of deceit and financial misconduct. Learn more about the intricacies of this case.
Key Takeaways
- The ED seized Rs 2.04 crore in cash.
- Approximately Rs 15 crore was frozen in linked accounts.
- Raids occurred across 25 locations in multiple cities.
- The investigation is tied to the Nexa Evergreen fraud case.
- Initial returns to investors stopped abruptly in January 2023.
Jaipur, June 13 (NationPress) The Enforcement Directorate (ED) has confiscated Rs 2.04 crore in cash, as well as significant incriminating documents and digital evidence, while also freezing around Rs 15 crore located in bank and crypto accounts related to various Nexa Group entities and their associates. This action was part of search operations conducted by the ED's Jaipur Zonal Office on Thursday at 25 locations across Jaipur, Sikar, Jhunjhunu, and Ahmedabad under the Prevention of Money Laundering Act (PMLA), 2002, as stated by an official.
According to reports, the raids are connected to a money laundering investigation regarding the Nexa Evergreen fraud case, where it is alleged that Rs 2,676 crore was amassed from numerous investors.
It was revealed that the ED initiated its investigation based on multiple FIRs and chargesheets filed by Rajasthan Police, uncovering that Ranveer Bijarniya, Subhash Bijarniya, and their associates deceived investors by falsely asserting their funds would be invested in the Dholera City Project in Gujarat.
The accused enticed individuals by displaying forged images of Dholera projects, promising land plots or high returns within a brief time frame.
Investigations indicated that this fraud was structured similarly to a Ponzi scheme, offering attractive returns, referral bonuses, and incentives like laptops, bikes, and cars for recruiting more investors.
Additional commissions were promised for bringing in new investors under unique IDs, fostering a multi-level marketing strategy.
Many investors used their life savings, loans, or family contributions to participate. Although initial returns were disbursed to build confidence, all payments suddenly ceased in January 2023, and company offices were found closed with the promoters missing, leading to a surge of police complaints.
Ongoing investigations are being conducted, officials reported.
The ED serves as a law enforcement and economic intelligence agency of the Central government.
The ED is tasked with enforcing economic laws and addressing financial crimes, operating under the Department of Revenue, Ministry of Finance, with its headquarters located in Delhi.
The ED's primary responsibilities include enforcing two significant laws: the Prevention of Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, 1999 (FEMA). Additionally, the ED is responsible for implementing the Fugitive Economic Offenders Act, 2018 (FEOA).
Point of View
The Enforcement Directorate's recent actions against the Nexa Group reflect a determined stance against financial crimes in India. This case serves as a stark reminder of the need for vigilance among investors and robust enforcement mechanisms to protect public interest.
NationPress
16/06/2025
Frequently Asked Questions
What is the main reason for the ED raids?
The ED conducted the raids as part of a money laundering investigation linked to the Nexa Evergreen fraud case, where a significant amount of money was allegedly collected from investors.
What was seized during the ED's operation?
During the operation, the ED seized Rs 2.04 crore in cash, along with incriminating documents and digital evidence, and froze approximately Rs 15 crore in bank and crypto accounts.
What is the Nexa Evergreen fraud case about?
The Nexa Evergreen fraud case involves allegations that individuals misled investors by falsely claiming their money would be invested in the Dholera City Project in Gujarat.
How did the accused lure investors?
The accused attracted investors by showcasing fake images of the Dholera projects and promising high returns or land plots in a short period.
What was the outcome for investors?
Many investors, using their life savings, faced financial loss when payments abruptly stopped in January 2023, leading to numerous police complaints.
