The ED arrested Mr. Bijnoriya under Section 19 of the Prevention of Money Laundering Act. Image for representation
| Photo Credit: The Hindu
The Jaipur zonal office of the Enforcement Directorate (ED) has arrested an accused, Subhash Chandra Bijnoriya, in connection with a money laundering investigation related to the alleged fraud case against Nexa Evergreen, in which ₹2,676 crore were collected from a large number of investors.
Mr. Bijnoriya, one of the principal architects and operators of Nexa Evergreen Group, has been accused of carrying out fraudulent operations along with another partner in the firm. The two accused allegedly floated and operated a web of companies and proprietorship concerns in the names of associates and investors for layering and routing the proceeds of crime.
The ED arrested Mr. Bijnoriya under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, on Monday (August 10, 2026) and produced him in a PMLA special court here, which remanded him to the custody of the financial investigation agency till August 13.
The ED launched investigation in the case on the basis of multiple first information reports and chargesheets filed by Rajasthan Police against Nexa Evergreen Group. An ED spokesperson said here that the accused had lured investors by claiming that the funds would be invested in land development and plotting projects at Dholera Smart City in Gujarat.
“Investors were induced on the promise of assured weekly returns of 3% for 60 weeks or allotment of plots, while additional commissions and rewards, including laptops, motorcycles and cars, were offered for enrolling new investors under a multi-level referral scheme,” the ED spokesperson said.
The entities floated as part of the alleged fraud and their bank accounts were systematically used for collection of investors’ funds, inter-account transfers, payment of returns to earlier investors in the nature of a Ponzi scheme, and acquisition of immovable properties, according to the ED. All of this was done while concealing the true source and ownership of funds.
The ED’s Jaipur zonal office had earlier conducted searched under Section 17 of the PMLA in June 2025 at 25 locations in Jaipur, Sikar, Jhunjhunu and Ahmedabad, which resulted in the seizure of cash amounting to Rs.2.04 crore along with various incriminating records and digital devices.
An amount of ₹15 crore lying in the bank accounts and crypto accounts linked with various Nexa Group entities and associates were also frozen, according to the ED.
Published – August 12, 2026 05:08 am IST
