Now Reading: ED arrests Bijnoriya in Nexa Evergreen Rs 2,676 crore fraud case
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ED arrests Bijnoriya in Nexa Evergreen Rs 2,676 crore fraud case
The Enforcement Directorate (ED) has arrested Subhash Chandra Bijnoriya, a key figure in the Nexa Evergreen Group, for allegedly defrauding investors of Rs 2,676 crore. The Jaipur zonal office of the ED…
The Story in Brief
The Enforcement Directorate (ED) has arrested Subhash Chandra Bijnoriya, a key figure in the Nexa Evergreen Group, for allegedly defrauding investors of Rs 2,676 crore. The Jaipur zonal office of the ED apprehended him under Section 19 of the Prevention of Money Laundering Act on August 10, 2026, and a PMLA special court remanded him to ED custody until August 13.
According to the ED, Bijnoriya and a partner floated a web of companies to layer proceeds of the crime. Investors were promised 3% weekly returns for 60 weeks or plots in Dholera Smart City, with additional rewards for recruiting new investors in a Ponzi-like scheme. The ED had earlier seized Rs 2.04 crore in cash and frozen Rs 15 crore in bank and crypto accounts linked to the group.
The Indian Opinion
The ED's arrest highlights yet another large-scale ponzi scheme that preyed on small investors with promises of unrealistically high returns. The narrative that such frauds are victimless ignores the thousands who lost their savings. The real test is whether the agency can trace and return the stolen money, not just secure custodial sentences. How much of the Rs 2,676 crore will actually be recovered?
Source: thehindu.com
This story was synthesised by AI from the source linked above.
