Brothers defraud 70,000 people of ₹2,676 crore: Details here
What's the story
Two brothers from Rajasthan, Subhash and Ranveer Bijarani, have reportedly defrauded nearly 70,000 people of ₹2,676 crore through their company Nexa Evergreen.
The Bijaranis allegedly lured investors with promises of high returns and plots in Gujarat's "Dholera Smart City."
They also misled clients by displaying images of various Dholera city projects.
The Enforcement Directorate (ED) is currently probing the case.
Fraud timeline
How the brothers lured investors
Ranveer first bought land in Dholera in 2014, followed by Subhash, a retired Army personnel.
They registered Nexa Evergreen in Ahmedabad in 2021 and claimed to have 1,300 bighas of land under the "Dholera Smart City" project.
They promised huge profits on flats, plots, and investment schemes to lure over 70,000 people into investing ₹2,676 crore across India.
Lavish lifestyle
MLM scheme to recruit more people under unique ID
The Bijaranis reportedly devised a multi-level marketing scheme with varying percentages of commissions by levels.
They promised rewards such as laptops, bikes, and cars for achieving certain investment milestones.
They also offered additional commissions to investors who recruited more people under their unique ID.
With the money raised from the alleged fraud, they purchased luxury cars, mines, and hotels in Rajasthan, flats in Ahmedabad, and 25 resorts in Goa.
Investigation progress
ED raids nexevergreen offices
On Thursday, the ED conducted searches at 25 locations in Jaipur, Sikar, Jhunjhunu, and Ahmedabad as part of its money laundering probe into the Nexa Evergreen fraud.
It is reported that around ₹1,500 crore was distributed as commission to thousands of agents in Rajasthan.
The Bijaranis allegedly funneled ₹250 crore in cash and transferred the rest to 27 shell companies before fleeing and shutting their offices.
Project details
About Dholera Smart City project
The Dholera Smart City project is a joint initiative of the Centre and Gujarat. It is India's first greenfield smart city, covering an area of 920 square km, twice the size of Delhi.
The project includes the construction of an international airport and offices for multinational companies. It is expected to be fully developed by 2042.