The ED, Jaipur Zonal Office, arrested Subhash Chandra Bijnoriya (alias Subhash Chandra Bijarnia), son of Shri Nemichand, on August 10, 2026, under the PMLA, 2002, in connection with a money laundering investigation related to the Nexa Evergreen fraud, which involved the collection of ₹2,676 crore from a large number of investors. Subhash Chandra Bijnoriya was produced before the Hon’ble Special Court (PMLA), Jaipur, which remanded him to ED custody for four days, i.e., until August 13, 2026.
The Enforcement Directorate (ED), Jaipur Zonal Office, arrested Subhash Chandra Bijnoria, son of Shri Nemichand, alias Subhash Chandra Bijarnia, on 10.08.2026 under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, in connection with a money laundering investigation related to the Nexa Evergreen fraud. Ranveer Bijnoria and Subhash Chandra Bijnoria, along with their associates, had collected ₹2,676 crore from a large number of investors in the Nexa Evergreen fraud case. Subhash Chandra Bijnoria was produced before the Honorable Special Court (PMLA), Jaipur, which remanded him to ED custody for a period of four days, i.e., till 13.08.2026.
The ED initiated the investigation based on multiple FIRs and charge sheets filed by the Rajasthan Police against the Nexa Evergreen Group in connection with a massive investment fraud. The investigation revealed that the main accused, Ranveer Bijarnia and Subhash Chandra Bijnoria, also known as Subhash Chandra Bijarnia, along with their associates, lured investors by falsely promising them that their funds would be invested in land development and plotting projects in Dholera Smart City, Gujarat. Investors were lured into investing by promising 3% weekly returns for 60 weeks or the allotment of a plot. Additionally, commissions and various rewards, including laptops, motorcycles, and cars, were offered for bringing in new investors under a multi-level referral scheme.
The ED investigation revealed that Subhash Chandra Bijnoria was one of the key planners and operators of the Nexa Evergreen Group and, along with Ranveer Bijnoria, exercised complete control over the entire fraudulent operation. He created and operated a network of companies, LLPs, partnership firms, and proprietary concerns in the names of associates and investors to layer and route the proceeds of crime. These entities and their bank accounts were systematically used to collect funds from investors, conduct inter-account transfers, pay returns to earlier investors, and acquire immovable properties, in a manner consistent with the nature of a Ponzi scheme, thereby concealing the true source and ownership of the funds. The investigation also revealed that the software platform, investor management, banking operations, incorporation of entities, and diversion of funds were all carried out under his direction.
Earlier, this Directorate had conducted searches under Section 17 of the PMLA in June 2025 at 25 locations in Jaipur, Sikar, Jhunjhunu, and Ahmedabad, resulting in the seizure of cash amounting to ₹2.04 crore, as well as various incriminating records and digital devices. Additionally, an amount of approximately ₹15 crore was frozen in bank accounts/crypto accounts belonging to various entities/associates of the Nexa Group.
Further investigation is underway.
Radhika Goyal is Author of Taxconcept Gurugram head office, for deeply reported tax, gst and income tax articles on issues that matter. He splits her time between New Delhi and Bengaluru, and has worked as a reporter, a podcaster and an editor for publications across India.