In a significant operation, the Enforcement Directorate (ED) has conducted raids at 24 locations across Gujarat, Rajasthan, and Delhi. This action took place on Thursday morning as part of an investigation into a money laundering case involving approximately ₹2700 crore. The locations impacted include cities such as Ahmedabad, Sikar, Jaipur, Jodhpur, and Jhunjhunu.
According to sources from the investigation agency, the raids are linked to the Nexa Evergreen project, which is under scrutiny for alleged fraud. Investors were reportedly promised returns in the form of flats, land, or cash at higher rates after a certain period. This scheme has drawn the attention of law enforcement, leading to multiple FIRs filed by the Rajasthan police against several individuals involved.
The recent raids have uncovered significant financial irregularities, with many important documents seized during the operation. Investigators are now working towards identifying the owners of substantial benami (proxy) properties associated with key suspects, which may lead to further revelations in the case.
Nexa Evergreen was registered in Ahmedabad on April 17, 2021, and is officially listed for real estate activities. The company is owned by Subhash Bijaraniya and Ranveer Bijaraniya, who are residents of Panlawada in Sikar. They allegedly collected money from the public under the guise of investment in the Dholera Smart City project, promising returns that included flats and land.
Other names associated with the company include Banwari Mahariya, Upendra Bijaraniya, Lakshmi Saleem Khan, Datar Singh, Rakshpal, Ompal, and Sawarmal. These individuals have been linked to a network of companies created under various names, including Nexa Evergreen Developers, Nexa Evergreen Builders, and others. These companies opened multiple bank accounts across various banks, including HDFC, ICICI, and AU Small Finance Bank, raising suspicions of fraudulent activities.
The ED’s operation signifies a serious crackdown on financial crimes linked to real estate schemes that mislead investors. Many victims, who were promised lucrative returns, have now found themselves entangled in a complex web of deceit. The scheme reportedly offered returns based on the amount invested, luring individuals to invest large sums under the promise of high returns, often described as double the interest rates offered by banks.
For example, investing ₹50,000 for 60 months would yield weekly returns of ₹1,352, while a ₹1 lakh investment would promise similar benefits, compelling many to liquidate assets to join the scheme. The allure of guaranteed returns created a rush among potential investors, many of whom were unaware of the risks involved.
As the investigation unfolds, the ED aims to trace the flow of money and uncover the full extent of the operation, which reportedly includes a network of companies created to perpetrate this fraud. This situation has raised alarms among regulators and highlights the importance of investor awareness and due diligence in financial dealings.
The Nexa Evergreen case serves as a reminder to the public to be cautious of investment schemes that promise unusually high returns with little risk. Authorities continue to urge individuals to report any suspicious financial activities to prevent further exploitation.
As the ED continues its investigation, more information is expected to surface about the depth of the fraud and the extent of the financial network involved in this scheme.
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