Key Accused In Rs 2,676-Crore Land Investment Fraud Arrested In Jaipur
The Enforcement Directorate has arrested Subhash Chandra Bijnoriya in connection with a Rs 2,676-crore land investment fraud involving the Nexa Evergreen Group. The accused allegedly lured investors with false promises of high returns from land development projects.
Why it matters
This highlights ongoing efforts by Indian financial authorities to crack down on large-scale investment scams and money laundering operations.
The ED arrested a key accused in a Rs 2,676 crore Nexa Evergreen land investment fraud, Subhash Chandra Bijnoriya, and secured his custody from a Jaipur court till August 13 for questioning him in the case, an official said on Tuesday.The Enforcement Directorate (ED), Jaipur Zonal Office, arrested Subhash Chandra Bijnoriya alias Subhash Chandra Bijarnia under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, on Monday in connection with a money laundering investigation related to Nexa Evergreen fraud.The ED said in a statement that as part of the fraud, Rs 2,676 crore was collected from a large number of investors by Ranveer Bijarniya and Subhash Chandra Bijnoriya along with their associates.After his arrest on Monday, Subhash Chandra Bijnoriya was produced before the Special Court (PMLA), Jaipur, which remanded him to the ED custody up to August 13.Earlier, searches were also conducted by the ED under Section 17…
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