Rajkot, June 15: In one of the biggest real estate frauds, Subhash Bijarani and Ranveer Bijarani, two brothers from Rajasthan’s Sikar district, have allegedly cheated over 70,000 people out of INR 2,676 crore through a fraudulent investment scheme tied to the name of Gujarat’s ambitious Dholera Smart City project though Nexa Evergreen land Scam. Acting through a company called Nexa Evergreen, the brothers promised investors plots of land and high returns, claiming to be part of the official Dholera development.

The company, registered in Ahmedabad in 2021, attracted thousands by showcasing promotional materials falsely linking themselves to the Dholera Smart City, India’s first greenfield smart city and a joint venture between the Centre and the Gujarat government. Investors were lured with promises of flats, plots, and generous returns, as well as referral commissions and gifts such as laptops, motorbikes, and cars for bringing in more participants. What Is INR 450 Crore Chit Fund Scam, Probe Which Brought Shubman Gill and 3 Other Gujarat Titans Players Under Scanner?

Nexa Evergreen Land Scam

The scheme operated like a multi-level marketing model, with investors being offered additional income for recruiting others under their unique IDs. To build trust, the company claimed to own 1,300 bighas of land in Dholera that would soon be converted into a world-class township. High commissions and incentives were distributed to a vast agent network created across Rajasthan, facilitated by senior associates including Salim Khan, Sameer, Datar Singh, Rakshapal, Ompal, and Sanwarmal. Around INR 1,500 crore is believed to have been distributed in commissions alone.

With the money collected, the accused allegedly purchased luxury cars, flats in Ahmedabad, 25 resorts in Goa, and even mines and hotels in Rajasthan. Authorities also revealed that INR 250 crore was withdrawn in cash, while the remainder was siphoned off into 27 shell companies. Once the scheme began to unravel, the brothers shut their offices and went into hiding. Crackdown on Cyber Criminals in India: 20 Cyber Fraudsters Involved in 515 Cases Nationwide Arrested.

The Enforcement Directorate (ED) has now launched an extensive crackdown, conducting searches at 25 locations across Jaipur, Sikar, Jhunjhunu, and Ahmedabad in connection with a money laundering probe. A case of fraud has also been registered by the police in Jodhpur, with investigations into the financial trail and shell companies underway.

Officials have clarified that the real Dholera Smart City project is entirely legitimate and government-backed. The massive urban development, spread across 920 sq km, twice the size of Delhi, is expected to be completed by 2042, featuring an international airport and multinational business hubs.

(The above story first appeared on LatestLY on Jun 15, 2025 08:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).