Rajasthan brothers accused of Rs 2,676 crore scam in fake Dholera Smart City scheme

The Enforcement Directorate (ED) raided 25 locations across Jaipur, Sikar, Jhunjhunu and Ahmedabad on Thursday in a money laundering probe linked to the alleged fraud.

Two Rajasthan brothers, Subhash and Ranveer Bijarani, allegedly duped nearly 70,000 investors of Rs 2,676 crore through their company Nexa Evergreen by falsely promising high returns and plots in Gujarat’s Dholera Smart City project, officials said.

The Enforcement Directorate (ED) raided 25 locations across Jaipur, Sikar, Jhunjhunu and Ahmedabad on Thursday in a money laundering probe linked to the alleged fraud, according to NDTV. The Bijarani brothers, from Sikar district, are accused of running an elaborate multi-level marketing (MLM) scheme, luring investors with images of Dholera city projects and false claims of owning 1,300 bighas of land.

As per NDTV, Ranveer Bijarani first bought land in Dholera in 2014, followed by Subhash, a retired Army personnel, who invested Rs 30 lakh from his retirement funds. In 2021, they registered Nexa Evergreen in Ahmedabad, presenting it as part of the Dholera Smart City project.

Promising flats, plots and massive returns, they amassed Rs 2,676 crore from investors nationwide. The scheme included tiered commissions, with rewards like laptops, bikes and cars for hitting investment targets. Agents earned additional payouts for recruiting new investors under unique IDs.

Around Rs 1,500 crore was reportedly paid out as commissions to thousands of agents in Rajasthan. The brothers allegedly diverted funds to buy luxury cars, mines, hotels in Rajasthan, flats in Ahmedabad and 25 resorts in Goa. They also transferred Rs 250 crore in cash and moved the rest to 27 shell companies before shutting offices and fleeing, police said.

The actual Dholera Smart City, a joint Central-Gujarat project, is India’s first greenfield smart city, spanning 920 sq km, twice Delhi’s size. It includes plans for an international airport and corporate offices, with completion expected by 2042.