The Enforcement Directorate has filed a chargesheet against Nexa Evergreen Group director Subhash Bijarnia, 12 companies and 10 individuals in an alleged Rs 2,676 crore investment fraud linked to land development and plotting projects in Gujarat’s Dholera Smart City.
The chargesheet was filed before the special court dealing with Prevention of Money Laundering Act cases under Sections 3 and 4 of the Act. The agency has also provisionally attached assets valued at Rs 34.91 crore, including immovable properties, bank accounts and term deposits.
According to the Enforcement Directorate, the group collected around Rs 2,676 crore from investors between 2019 and 2023. Data recovered from the company’s software indicated that 47,664 investors were affected, with an aggregate shortfall of Rs 932.54 crore. Senior counsel Shailendra Agarwal, representing the agency, said most of the investors were retired army personnel.
The alleged scheme offered investors weekly returns of 3% to 5% for 60 weeks or plots in land development and plotting projects at Dholera. It also included commissions and rewards such as laptops, motorcycles and cars for enrolling additional investors through a multi-level referral system, according to an Enforcement Directorate officer cited in the report.
The agency has alleged that Subhash Bijarnia and Ranveer Bijarnia operated through a network of companies, limited liability partnerships, partnership firms and proprietorships registered in the names of associates and investors. Bank accounts connected to these entities were allegedly used to collect funds, transfer money to earlier investors and acquire properties.
The Enforcement Directorate has described the alleged movement of funds as a Ponzi-like arrangement, in which returns were paid to earlier investors using money collected from subsequent participants. It also alleged that properties were acquired to conceal the proceeds of crime. These are allegations made by the agency and will be examined through the legal process.
The attached assets include 69 immovable properties valued at Rs 29.37 crore and Rs 5.54 crore held in 26 bank accounts and term deposits. The properties include land and plots in Dholera and Dhandhuka, flats in Ahmedabad and Sikar, a plot in Dausa district and a 45% stake in a resort in Goa.
The case extends beyond a conventional investment dispute because the alleged scheme was tied to land and plotting projects in and around Dholera, a major planned urban development area in Gujarat. Promises of high periodic returns and plots can expose investors to both financial risk and uncertainty over the ownership, approval and development status of underlying land. The chargesheet places the alleged transactions within the money-laundering framework, rather than treating them only as a private investment disagreement.
In June 2025, the Enforcement Directorate searched 25 premises in Jaipur, Sikar, Jhunjhunu and Ahmedabad. During those searches, the agency seized Rs 2.05 crore in cash, documents and digital devices. It later identified Rs 15.31 crore in bank and crypto accounts linked to the group and its associates.
The latest action brings the agency’s stated allegations and asset-tracing exercise before the special PMLA court. The legal proceedings will determine the liability of the accused and the status of the attached assets.
