Two brothers from Rajasthan, Subhash and Ranveer Bijarani, allegedly cheated nearly 70,000 investors
They cheated investors of ₹2,676 crore through their fake company Nexa Evergreen
The Enforcement Directorate (ED) later conducted raids across four cities
Two brothers from Rajasthan’s Sikar district, Subhash Bijarani and Ranveer Bijarani, are accused of cheating nearly 70,000 investors of around ₹2,676 crore through their company Nexa Evergreen. They claimed to be developing land in Gujarat’s Dholera Smart City but allegedly used fake documents and false promises to attract people.
Ranveer bought land in Dholera in 2014, and his brother Subhash, who had retired from the Indian Army, also invested his ₹30 lakh retirement money there. In 2021, they registered Nexa Evergreen in Ahmedabad and began promoting it as a company connected to the Dholera Smart City project.
The company claimed to own 1,300 bighas of land and invited people to invest in the green city project. Using this claim, they attracted investors by promising plots, flats, and high investment returns. They also promised additional commission to investors if they could recruit more investors under their unique ID.
Nexa Evergreen launched different investment schemes offering land plots and high returns. Investors were also promised rewards such as laptops, bikes, and cars for bringing new members. The company followed a multi-level marketing model to carry out the fraud. They used agents to collect money from people.
The brothers built a strong network through their close aides — Salim Khan, Sameer, Datar Singh, Rakshpal, Ompal, and Sanwarmal — who managed the company’s business in different regions. Agents reportedly earned high commissions worth around ₹1,500 crore for bringing in new investors.
Instead of using the money for land development, the brothers allegedly diverted it to buy hotels, mines, luxury cars, and flats. They also purchased 25 resorts in Goa and withdrew nearly ₹250 crore in cash. The rest of the money was moved to 27 shell companies to hide its source.
When investors started asking for their plots or money back, the company offices were shut, and the brothers had already fled. Soon, several complaints were filed with the Jodhpur Police, which led to a case of large-scale fraud being registered.
The Directorate of Enforcement (ED), Jaipur Zonal Office, conducted search operations on 12.06.2025 at 25 locations in Jaipur, Sikar, Jhunjhunu, and Ahmedabad under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
During the search operations, cash amounting to ₹2.04 crore, along with various incriminating records and digital devices, was found and seized. Further, an amount of approximately ₹15 crore lying in the bank accounts/crypto accounts linked with various Nexa Group entities/associates was frozen.
The real Dholera Smart City project is a government initiative jointly developed by the Central and Gujarat governments. It covers 920 square kilometers and aims to build an industrial and residential hub with an international airport and modern infrastructure by 2042. [Rh/VP]
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