The Enforcement Directorate (ED) has conducted raids at 24 locations across Gujarat, Rajasthan, and Delhi. This major operation took place on a Thursday morning, targeting the Nexa Evergreen company in connection with a money laundering case worth approximately ₹2,700 crore. The raids occurred in cities such as Ahmedabad, Sikar, Jaipur, Jodhpur, and Jhunjhunu.
The investigation stems from allegations surrounding the Nexa Evergreen project, where investors were promised returns in the form of flats or land after a certain period. Many victims have reported being defrauded by this scheme, which has now attracted the attention of law enforcement.
According to sources from the ED, significant financial irregularities have been uncovered during the raids. Several important documents have been seized, and the investigation aims to track down the assets of key accused individuals. These individuals allegedly orchestrated a Ponzi scheme that deceived thousands of unsuspecting investors.
The Nexa Evergreen company was registered in Ahmedabad on April 17, 2021. It was set up for real estate activities and is owned by Subhash Bijaraniya and Ranveer Bijaraniya, residents of Sikar. They allegedly collected money under the pretext of investing in the Dholera Smart City project in Gujarat.
The scheme attracted investors by promising high returns and using multi-level marketing tactics to expand its reach. Some early investors received small returns, which encouraged more people to invest. However, payments suddenly stopped in January 2023, and the company’s offices were closed, leaving many victims in financial distress.
The Rajasthan police have also filed FIRs against several individuals involved in this case. The ED continues its search operations under the Prevention of Money Laundering Act (PMLA) to uncover the full extent of the fraud. Investigators are now focusing on uncovering the benami properties held by the accused, which may lead to further revelations.
In addition to the main accused, many others have been named in connection with various entities using similar names to carry out fraudulent activities. These include Nexa Evergreen Developers, Nexa Evergreen Builders, and others, indicating a widespread network of deceit.
The ED’s crackdown aims to protect the public from such fraudulent schemes and reassure investors that their complaints are being taken seriously. The investigation is ongoing, and more details are expected to emerge as authorities continue to examine the documents and digital trails related to this case.
This incident highlights the importance of vigilance among investors and the need for thorough research before committing funds to any investment scheme. As the investigation unfolds, the ED urges anyone who may have been affected by the Nexa Evergreen project to come forward and report their experiences. The agency remains committed to bringing those responsible for this fraud to justice, ensuring that such scams are dealt with swiftly and effectively.
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