ED Files Charge Sheet in Nexa Evergreen Investment Case Involving Rs 2,676 Crore

India's Enforcement Directorate (ED) has filed a charge sheet in a major investment fraud case involving the Nexa Evergreen group, alleging that about Rs 2,676 crore was collected from investors between 2019 and 2023 and that returns fell short by Rs 932.54 crore.

The charge sheet, filed before a special court in Jaipur, names Subhash Chandra Bijroniya, also known as Subhash Chandra Bijarnia, and others as accused, according to an official statement reported by SocialNews.XYZ.

Contents

01

The Charge Sheet and the Case

02

How the Alleged Scheme Worked

03

Asset Seizures and Attachments

The Charge Sheet and the Case

The ED's Jaipur Zonal Office filed the charge sheet on October 7 before the Special Court (PMLA) in Jaipur under Sections 44 and 45 of the Prevention of Money Laundering Act (PMLA), 2002.

The PMLA is India's main law against money laundering, the process of hiding the origins of money earned through crime. Sections 44 and 45 deal with the procedure for filing cases and the conditions for bail in such matters.

The filing was announced on Tuesday, October 13, 2026, according to the official statement.

The ED investigation began after multiple First Information Reports (FIRs) and charge sheets were filed by Rajasthan Police against the Nexa Evergreen Group.

An FIR is the initial report police register when they receive information about a possible crime. The ED's case is based on those police complaints, and the agency has now moved to formally accuse the named individuals in court.

The charge sheet names Subhash Chandra Bijroniya and others, but the supplied statement does not specify how many people have been charge-sheeted or the exact role alleged against each. It also does not give a next hearing date or indicate whether the court has taken the charge sheet on record.

Subhash Chandra Bijroniya was arrested on August 10, 2026 under Section 19 of the PMLA and is currently in judicial custody.

Section 19 allows the ED to arrest someone if it has reason to believe they are guilty of a money laundering offence. The statement does not say whether any other accused have been arrested or are in custody.

How the Alleged Scheme Worked

According to the ED, the accused lured investors by falsely claiming that funds would be invested in land development and plotting projects at Dholera Smart City in Gujarat. Investors were promised assured weekly returns of 3 per cent for 60 weeks, the agency said.

In forex and investment terms, an assured weekly return of 3 per cent is unusually high and would be difficult to sustain from normal business activity.

The company also allegedly promised allotment of plots and offered rewards such as laptops, motorcycles and cars for enrolling new investors under a multi-level referral scheme.

Such schemes reward existing participants for bringing in new money, a structure often seen in Ponzi-style operations.

The ED said payments were abruptly stopped in January 2023, and the website, mobile application and offices were shut down. According to the company's software data, 47,664 investors received less than the amount they had invested, resulting in an aggregate shortfall of Rs 932.54 crore.

The statement does not explain how the Rs 2,676 crore collected and the Rs 932.54 crore shortfall are reconciled, and it does not cite an independent audit of the software data.

The investigation further alleged that Ranveer Singh, also known as Ranveer Bijarnia, and Subhash Chandra Bijroniya exercised complete control over the operation.

They allegedly floated a network of companies, limited liability partnerships (LLPs), partnership firms and proprietorship concerns in the names of associates and investors.

These entities and their bank accounts were used to collect investor funds, pay returns to earlier investors in the nature of a Ponzi scheme, and acquire immovable properties, the ED said. A Ponzi scheme uses money from new investors to pay returns to earlier ones, rather than from actual profits.

The ED alleged that these transactions layered the proceeds of crime and concealed their true source and ownership.

Asset Seizures and Attachments

The ED's action in this case has included searches, seizures and attachments over more than a year.

In June 2025, the agency conducted searches under Section 17 of the PMLA at 25 premises in Jaipur, Sikar, Jhunjhunu and Ahmedabad. Section 17 allows ED officials to search premises without a prior warrant in certain circumstances.

The searches led to the seizure of cash worth Rs 2.05 crore and the freezing of Rs 15.31 crore lying in bank and crypto accounts.

On October 6, 2026, the ED attached 69 immovable properties and balances in 26 bank accounts or term deposits collectively valued at Rs 34.91 crore.

The attached assets include land parcels and plots at Dholera and Dhandhuka in Gujarat, residential flats at Ahmedabad and Sikar, and a 45 per cent shareholding in a resort company at Calangute, Goa.

An attachment under the PMLA means the assets are provisionally frozen and cannot be sold or transferred while the case proceeds. With this, assets worth approximately Rs 52 crore have been seized, frozen or attached in the case so far, the ED said.

The ED's statement did not include any response from Subhash Chandra Bijroniya, Ranveer Singh, Nexa Evergreen or their legal representatives. It also did not describe any investor recovery, restitution or refund process.