Jaipur, August 12: The Enforcement Directorate (ED) has arrested Subhash Chandra Bijnoria (also known as Subhash Chandra Bijaraniya) under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002. This arrest, made on Monday, is part of an investigation into money laundering linked to the Nexa Evergreen fraud.
On Tuesday, the ED issued a press release detailing that the arrest was made in connection with the ongoing investigation into the Nexa Evergreen scam. Bijnoria and his accomplice, Ranveer Bijaraniya, allegedly collected ₹2,676 crores from numerous investors.
Bijnoria was presented before a special PMLA court in Jaipur, which remanded him to ED custody for four days, until August 13. The ED initiated its investigation based on multiple FIRs and charge sheets filed by the Rajasthan police against the Nexa Evergreen Group for large-scale investment fraud.
The investigation revealed that the main accused, Ranveer Bijaraniya, along with Subhash Bijnoria, lured investors with false claims that their funds would be invested in land development and plotting projects in Gujarat’s Dholera Smart City.
Investors were promised a guaranteed return of 3% weekly for 60 weeks or plots in exchange for their investments. Additionally, they were enticed with extra commissions and rewards (such as laptops, motorcycles, and cars) for bringing in new investors through a multi-level referral scheme.
The ED’s investigation also indicated that Subhash Bijnoria was one of the key operators of the Nexa Evergreen Group, controlling the fraudulent activities alongside Ranveer Bijaraniya. To conceal the proceeds of crime, they created a network of companies, LLPs, partnership firms, and proprietorships under the names of their associates and investors.
These entities and their bank accounts were systematically used to collect investors’ money, transfer funds between accounts, pay returns to older investors in a Ponzi scheme manner, and purchase real estate, thereby obscuring the true source and ownership of the funds.
The investigation further uncovered that activities such as software platform management, investor relations, banking operations, registering entities, and misappropriation of funds were all conducted under their directives. Previously, in June 2025, the ED had conducted searches at 25 locations in Jaipur, Sikar, Jhunjhunu, and Ahmedabad under Section 17 of the PMLA, seizing ₹2.04 crores in cash along with several incriminating records and digital devices.
Additionally, approximately ₹15 crores in bank and crypto accounts linked to various entities/associates of the Nexa Group have been frozen. The ED continues its investigation and further actions in this case.
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