Nexa Evergreen Ponzi scammers make off with $309M
Nexa Evergreen Ponzi founders, Subhash and Ranveer Bijarani, have made off with Rs. 26.7 billion (~$309 million USD).
As reported by NDTV on June 15th, Nexa Evergreen’s Ponzi ruse tied into the Dholera housing development.
The scheme also included level income and commissions and rewards for referring others, with percentages varying by levels and rewards such as laptops, bikes, and cars for achieving certain investment milestones.
They also promised additional commissions to investors if they could recruit more investors under their unique ID.
Beyond the real-estate ruse, Nexa Evergreen was your typical MLM Ponzi. Nexa Evergreen victims run at “about 70,000”.
Named associates of the Bijarani brothers (right) are Salim Khan, Sameer, Datar Singh, Rakshapal, Ompal, and Sanwarmal.
They … purchased 1,300 bighas of land with the money from the fraud.
They later bought luxury cars, mines and hotels in Rajasthan, flats in Ahmedabad and 25 resorts in Goa. They took Rs 250 crore in cash and transferred the remaining money to 27 shell companies.
After the alleged fraud, they shut all their offices and fled.
Last Thursday Indian authorities raided 25 locations in India. The raids pertained to money laundered through Nexa Evergreen.
So far no arrests have been made. The Bijarani brothers and their Nexa Evergreen Ponzi associates remain at large.
This is very typical of these Ponzi schemes that promise “huge returns”. They will eventually close & leave with the remainder of their ill-gotten monies. If they’re lucky & maintain a very quiet lifestyle, they will NEVER get caught.
But knowing the ego of these people, they’ll get careless & will be caught.