A 57-year-old priest-turned-property dealer, Jugal Kishore of Vishwas Nagar, Shahdara, was arrested by the Delhi Police Economic Offences Wing (EOW) for masterminding a massive Rs2,700 crore investment scam. The scam duped hundreds across India by promising weekly returns and plots in a township project in Dholera, Gujarat.
The syndicate, operating through the investment company Nexa Evergreen Private Limited, fraudulently claimed that Prime Minister Narendra Modi endorsed the project as its brand ambassador. They held Zoom meetings displaying edited videos of Modi to attract investors.
Nearly 150 cases have been registered nationwide. Key associates, ex-serviceman Subhash Bijarania and Opendra Bijarania from Rajasthan, were arrested in December and remain in custody.
Victims, mostly government employees from Delhi, reported being promised 3% weekly returns and allotment of plots in the Nexa Evergreen Project township in Dholera.
The syndicate launched a Google Play app giving investors unique IDs to track investments. Before shutting down in January 2023, the accused deleted the app and website, disappearing with the money.
EOW investigations revealed the funds were funneled through two firms, Nexa Evergreen Developers Dholera and 9 Oak Developers Dholera, which purchased around 168 acres of land in the Dholera region.
Jugal Kishore, who managed the group’s Delhi branch, was arrested on Wednesday in Delhi. The EOW continues to probe the complex financial web behind the scam.
