Nexa Evergreen land Scam: ED raids 24 sites across Rajasthan, Gujarat

The real estate firm allegedly defrauded around 62,000 investors by offering land in Gujarat's Dholera and promising to double investments in 14 months

The Enforcement Directorate (ED) on Thursday conducted a large-scale search operation at 24 locations across Rajasthan and Gujarat in connection with a money laundering case worth ₹2,700 crore linked to the Nexa Evergreen project.

 

“ED has recorded an ECIR (Enforcement Case Information Report) on the basis of FIRs filed by Rajasthan Police against Nexa Evergreen. They duped investors to the tune of ₹2,700 crore by luring them with promises of high returns and land plots in Dholera city, Gujarat. Searches were conducted at 24 locations in Sikar, Jaipur, Jodhpur, Jhunjhunu, and Ahmedabad,” sources said.

 

Firm lured 62,000 investors with plots and returns 

 

The company is accused of defrauding nearly 62,000 individuals, primarily by offering affordable flats and land parcels in Dholera, Gujarat. In cases where land could not be allotted, investors were promised high-interest returns. Although some received possession initially, the scheme was later exposed as fraudulent, leaving most investors without recourse. A senior official told Business Standard that the company had raised around ₹2,700 crore from investors through misleading assurances.

 

Promoters targeted commoners, government staff 

The company’s promoters, Subhash Bijarniya and Ranveer Bijarniya—both from Sikar in Rajasthan—allegedly targeted both civilians and government employees, including members of the police and armed forces. The duo marketed a scheme that promised to double investments within 14 months.

 

Nexa Evergreen’s background 

Nexa Evergreen Private Limited is a Gujarat-based real estate firm incorporated on 17 April 2021 and registered in Ahmedabad. The company claims to be engaged in buying, selling, and developing residential and commercial land.

 

Separate ED action in Jaypee Group case last month

Last month, the ED said it had seized ₹1.7 crore in cash and documents related to immovable assets during raids against Jaypee Infratech Ltd (JIL), Jaiprakash Associates Ltd (JAL), and associated entities in a separate money laundering investigation linked to alleged fraud involving homebuyers.

 

The searches were carried out on 23 May at 15 premises in Delhi, Noida, Ghaziabad, and Mumbai under the Prevention of Money Laundering Act (PMLA). "The search covered offices and premises of JAL, its related entities, and its promoter directors," the agency stated. Searches were also conducted at premises associated with key business partners of JAL, including Gaursons India Pvt Ltd, Gulshan Homz Pvt Ltd, and Mahagun Real Estate Pvt Ltd, the statement added.