The Enforcement Directorate (ED) recently carried out raids at 25 locations across Jaipur, Sikar, Jhunjhunu, and Ahmedabad as part of a money laundering investigation connected to an alleged fraud. Two brothers from Rajasthan, Subhash and Ranveer Bijarani, are accused of swindling nearly 70,000 investors out of ₹2,676 crore through their company, Nexa Evergreen.
The Bijarani brothers are suspected of operating an elaborate multi-level marketing (MLM) scheme. They allegedly enticed investors with visuals of Dholera city projects and put forth false claims of possessing 1,300 bighas of land. The scheme, which promised apartments, plots, and substantial returns, reportedly amassed ₹2,676 crore from investors throughout the country. It featured a tiered commission structure, offering incentives such as laptops, bikes, and cars for hitting investment milestones, with agents receiving additional payments for recruiting new investors using unique IDs.
According to reports, Ranveer Bijarani initially acquired land in Dholera in 2014, followed by Subhash, a retired Army individual, who invested ₹30 lakh from his retirement savings. In 2021, they established Nexa Evergreen in Ahmedabad, presenting it as an integral part of the Dholera Smart City project.
Police indicated that approximately ₹1,500 crore was allegedly distributed as commissions to thousands of agents in Rajasthan. The brothers purportedly redirected funds to purchase luxury vehicles, mines, hotels in Rajasthan, apartments in Ahmedabad, and 25 resorts in Goa. They also reportedly transferred ₹250 crore in cash and moved the remaining funds to 27 shell companies before closing their offices and absconding.
It is crucial to distinguish that the authentic Dholera Smart City is a legitimate collaborative undertaking between the Central and Gujarat governments, recognized as India’s premier greenfield smart city. Covering an expansive 920 sq km, double the size of Delhi, the project envisions an international airport and corporate offices, with completion anticipated by 2042.
