The Enforcement Directorate announced Tuesday the arrest of Subhash Chandra Bijnoriya in a money laundering probe tied to the Nexa Evergreen investment scheme that raised Rs 2,676 crore from numerous investors. Bijnoriya, identified as a key figure in the Nexa Evergreen Group, was taken into custody under the Prevention of Money Laundering Act. He appeared before a special court in Jaipur, which ordered four days of agency custody until August 13. The case stems from multiple police complaints and charge sheets filed in Rajasthan against the group for alleged large-scale fraud. Officials stated the accused, along with an associate, misled investors with promises of returns from land projects in Gujarat and a referral program offering commissions and rewards. Probes showed the pair managed a network of firms and accounts to move funds, pay earlier investors in a Ponzi-style manner, and acquire assets while hiding origins. Earlier searches in June yielded cash and records from multiple sites in Rajasthan and Gujarat.
BCN
