Jaipur: The Enforcement Directorate (ED) has seized Rs 2.04 crore in cash, along with incriminating documents and digital evidence while also freezing approximately Rs 15 crore held in bank and crypto accounts linked to various Nexa Group entities and associates in search operations carried by the ED’s Jaipur Zonal Office on Thursday at 25 locations spread across Jaipur, Sikar, Jhunjhunu, and Ahmedabad under the Prevention of Money Laundering Act (PMLA), 2002, an official said
According to a statement, the raids were linked to a money laundering investigation involving the Nexa Evergreen fraud case, in which Rs 2,676 crore was allegedly collected from thousands of investors.
The statement mentioned that The ED launched its probe based on multiple FIRs and chargesheets filed by Rajasthan Police, which revealed that Ranveer Bijarniya, Subhash Bijarniya, and their associates misled investors by falsely claiming their money would be invested in Dholera City Project in Gujarat.
The accused lured people by showing fabricated images of Dholera projects, promising land plots or high returns in a short period.
Investigations revealed the fraud was structured like a Ponzi scheme, offering lucrative returns, referral commissions, and rewards such as laptops, bikes, and cars for bringing in more investors.
Additional commissions were promised for recruiting new investors under unique IDs, encouraging a multi-level marketing structure.
Many investors used life savings, loans, or family contributions to participate. While initial returns were paid out to build trust, all payments abruptly stopped in January 2023, and company offices were found shut, with the promoters absconding — triggering a flurry of police complaints.
Further investigation is currently underway, said officials.
The ED is a law enforcement and economic intelligence agency of the Central government.
The ED is responsible for enforcing economic laws and combating financial crimes and it operates under the Department of Revenue, Ministry of Finance, with its headquarters in Delhi.
The ED’s primary mandate is to enforce two key laws: the Prevention of Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, 1999 (FEMA). Also the ED is tasked with implementing the Fugitive Economic Offenders Act, 2018 (FEOA).
(IANS)
