Nexa Evergreen Ponzi Scammers Flee with $309M
On June 21, 2025, NDTV reported that Subhash and Ranveer Bijarani, founders of Nexa Evergreen Ponzi Scammers, vanished with Rs. 26.7 billion (~$309 million USD) after defrauding nearly 70,000 investors. The Rajasthan brothers lured victims with promises of high returns and plots in Gujarat’s Dholera Smart City, a legitimate government project they falsely claimed to be part of.
MLM Ponzi Scheme Unraveled
Nexa Evergreen Ponzi scammers operated as a classic multi-level marketing (MLM) Ponzi scheme, offering commissions for recruiting new investors and rewards like laptops, bikes, and cars for hitting investment targets. The brothers, along with associates Salim Khan, Sameer, Datar Singh, Rakshapal, Ompal, and Sanwarmal, used the funds to buy 1,300 bighas of land, luxury cars, hotels, mines in Rajasthan, flats in Ahmedabad, and 25 resorts in Goa. They siphoned Rs. 250 crore in cash and funnelled the rest through 27 shell companies before shutting down operations and fleeing.
Enforcement Directorate Raids, No Arrests Yet
On June 12, the ED raided 25 locations across Rajasthan, Gujarat, and Delhi, seizing Rs. 2 crore in cash and freezing Rs. 15 crore in bank accounts linked to the scam. Despite these efforts, the Bijarani brothers and their associates remain at large, with no arrests reported. The ED’s probe, triggered by Rajasthan Police FIRs, continues under the Prevention of Money Laundering Act.
Victims Left in the Lurch
The scam, which exploited the hype around Dholera Smart City—a 920 sq km greenfield project set for completion by 2042—left thousands of investors, including government employees, facing financial ruin. Authorities warn the public to verify investment claims, as Nexa Evergreen had no connection to the official Dholera project.