The ED arrested a key accused in a Rs 2,676 crore Nexa Evergreen land investment fraud, Subhash Chandra Bijnoriya, and secured his custody from a Jaipur court till August 13 for questioning him in the case, an official said on Tuesday.
What Happened
The Enforcement Directorate (ED), Jaipur Zonal Office, arrested Subhash Chandra Bijnoriya alias Subhash Chandra Bijarnia under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, on Monday in connection with a money laundering investigation related to Nexa Evergreen fraud. After his arrest on Monday, Subhash Chandra Bijnoriya was produced before the Special Court (PMLA), Jaipur, which remanded him to the ED custody up to August 13.
Investigation and Response
Investigation revealed that the key accused, Ranveer Bijarniya and Subhash Chandra Bijnoriya alias Subhash Chandra Bijarniya, 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. The ED investigation revealed that Subhash Chandra Bijnoriya was one of the principal architects and operators of the Nexa Evergreen Group and, together with Ranveer Bijarniya, exercised complete control over the entire fraudulent operation. Investigation also revealed that the software platform, investor management, banking operations, incorporation of entities and diversion of funds were all carried out under their directions, the ED said.
The ED initiated an investigation in the case based on multiple FIRs and chargesheets filed by Rajasthan Police against the Nexa Evergreen Group in connection with a large-scale investment fraud.
