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The Enforcement Directorate (ED), Jaipur Zonal Office, has uncovered and frozen around ₹15 crore as proceeds of crime in the ongoing money-laundering investigation tied to a massive ₹2,700 crore land and investment scam involving the Nexa Evergreen project that targeted investors with promises of high returns and land plots in Dholera Smart City, Gujarat.

The action follows large-scale raids conducted by the ED at 24–25 locations across Rajasthan and Gujarat, including in Sikar, Jaipur, Jodhpur, Jhunjhunu, and Ahmedabad, on 12 June 2025. These searches were executed under the Prevention of Money Laundering Act (PMLA) based on multiple FIRs filed by the Rajasthan Police against Nexa Evergreen and its promoters.

Investigation Details
• During the raids, the ED seized ₹2.04 crore in cash and froze approximately ₹15 crore in bank and crypto accounts linked to the promoters and associated entities of Nexa Evergreen. 
• The agency also recovered incriminating documents, bank details, electronic devices, and property papers valuable to tracing the money trail and establishing the extent of laundering.

Alleged Fraud Scheme
• The promoters, identified as Subhash and Ranveer Bijarniya from Sikar district in Rajasthan, are accused of defrauding around 62,000–70,000 investors across India by falsely claiming ownership of land and promising high returns or property in Dholera Smart City, a flagship industrial and infrastructure project undertaken by the central and Gujarat governments. 
• The company allegedly raised nearly ₹2,700 crore by luring investors with promises of plots, flats, and substantial returns in a short time frame. Some early investors reportedly did receive small possessions, but the scheme later collapsed, leaving most investors without properties or money.

Modus Operandi and Impact
• The scheme involved elaborate recruitment networks, multi-level marketing tactics, and sometimes rewards like laptops, bikes, and other incentives for bringing in additional investors. 
• Investors are believed to have been misled by showing images of the official Dholera Smart City development and associating the private project with government infrastructure plans.

Prosecution and Ongoing Probe
• The ED’s action is part of an ongoing investigation with multiple cases registered and more seizures and legal steps expected as authorities continue tracing the diverted funds. 
• The accused promoters and several associates remain subjects of active probe, with earlier arrests reported in various linked cases tied to the fraud.

This case has emerged as one of the most significant real estate investment frauds in recent years in India, highlighting risks associated with unverified schemes promising high returns under the guise of major development projects.