Two brothers from Rajasthan, Subhash and Ranveer Bijarani, have allegedly orchestrated a massive investment scam worth ₹2,676 crores, duping over 70,000 people across India. Operating from Sikar district, the duo founded a company named Nexa Evergreenin 2021, registered in Ahmedabad. They falsely claimed association with the prestigious Dholera Smart City project in Gujarat—a legitimate joint initiative by the Centre and the Gujarat government, set to be completed by 2042. The Bijaranis convinced investors that they owned 1,300 bighas of land in Dholera, promising to convert it into a world-class city with plots and flats, offering high returns.
Nexa Evergreen Scam: MLM Traps, Lavish Assets, and a ₹2,676 Crore Fraud
The scam combined traditional investment traps with a multilevel marketing structure. Investors were promised commissions for recruiting others, with incentives like bikes, cars, and laptops for hitting investment targets. Subhash, a retired Army man, initially invested ₹30 lakhs from his retirement funds, and with his brother, began acquiring land in Dholera from 2014. Nexa Evergreen soon expanded, hiring top officials like Salim Khan, Sameer, and Datar Singh, who helped onboard thousands of agents in Rajasthan, earning hefty commissions—₹1,500 crores in total.
As funds poured in, the fraudsters expanded their assets. They purchased luxury cars, hotels, mines in Rajasthan, flats in Ahmedabad, and 25 resorts in Goa. Additionally, they transferred ₹250 crores in cash and routed the remaining funds through 27 shell companies. Eventually, they shut down all offices and went into hiding.
ED Raids Expose Nexa Scam; Real Dholera Smart City Unlinked to Fraud
In response, Rajasthan Police filed a fraud case, and the Enforcement Directorate launched a money laundering probe. On Thursday, ED conducted raids at 25 locations across Jaipur, Sikar, Jhunjhunu, and Ahmedabad. The real Dholera Smart City, which the brothers exploited as a front for their scam, is a 920 sq km greenfield project, twice the size of Delhi, with plans for an international airport and MNC offices.
Summary:
Two Rajasthan brothers ran a ₹2,676 crore scam via Nexa Evergreen, falsely linking it to Gujarat’s Dholera Smart City. They lured 70,000 investors with fake land deals and MLM rewards. After amassing assets and laundering funds through shell firms, they vanished. ED has since raided 25 locations in the probe.
