New Delhi, India, August 11 — The Enforcement Directorate (ED) on Tuesday said it has arrested Subhash Chandra Bijnoriya in connection with a money laundering investigation related to the alleged Nexa Evergreen fraud, in which Rs. 2,676 crore was collected from a large number of investors.
Subhash Chandra Bijnoriya, also known as Subhash Chandra Bijarnia, one of the principal architects and operators of the Nexa Evergreen Group, was arrested under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002. The case concerns the collection of Rs. 2,676 crore from investors by Ranveer Bijarniya and Subhash Chandra Bijnoriya, along with their associates.
Bijnoriya was arrested on August 10 and produced before the Special PMLA Court in Jaipur, which remanded him to ED custody for four days, through August 13.
The ED’s Jaipur zonal office arrested Bijnoriya following an investigation based on multiple First Information Reports (FIRs) and chargesheets filed by Rajasthan Police against the Nexa Evergreen Group in connection with a large-scale investment fraud.
“Investigation revealed that the key accused, Ranveer Bijarniya and Subhash Chandra Bijnoriya, in conspiracy with their associates, lured investors by falsely claiming that the funds would be invested in land development and plotting projects at Dholera Smart City, Gujarat,” the ED said in a statement.
Investors were allegedly induced to invest on the promise of assured weekly returns of 3 percent for 60 weeks or the allotment of plots. Additional commissions and rewards, including laptops, motorcycles and cars, were allegedly offered for enrolling new investors under a multilevel referral scheme.
The ED’s investigation revealed that Bijnoriya was one of the principal architects and operators of the Nexa Evergreen Group and, together with Ranveer Bijarniya, exercised complete control over the alleged fraudulent operation.
“They floated and operated a web of companies, limited liability partnerships (LLPs), partnership firms and proprietorship concerns in the names of associates and investors for layering and routing the proceeds of crime. These entities and their bank accounts were systematically used for collection of investors’ funds, inter-account transfers, payment of returns to earlier investors like a Ponzi scheme, and acquisition of immovable properties, thereby concealing the true source and ownership of the funds,” the ED said.
The agency said its investigation also revealed that the software platform, investor management, banking operations, incorporation of entities and diversion of funds were all carried out under the accused’s directions.
Earlier, the ED conducted searches under Section 17 of the PMLA in June 2025 at 25 locations in Jaipur, Sikar, Jhunjhunu and Ahmedabad. The searches resulted in the seizure of Rs. 2.04 crore in cash, along with various incriminating records and digital devices.
An additional amount of approximately Rs. 15 crore held in bank and cryptocurrency accounts linked to various Nexa Group entities and associates was also frozen.
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