The Economic Offences Wing (EOW) of Delhi Police has arrested Jugal Kishore, a central figure in an alleged scam that duped around 150 investors into a purported project in Dholera Smart City, Gujarat, promising extraordinary returns. The estimated fraud amounts to Rs 27 billion.Police stated that the accused used a doctored video appearing to show Prime Minister Narendra Modi endorsing the project as his “dream”. Kishore, 57, was arrested in Shahdara, Delhi, and represented Nexa Evergreen Private Limited, claiming it had a project in Dholera.“A joint complaint was filed in 2023 by Neha Kumari of Karawal Nagar and 97 others against Nexa Evergreen Pvt Ltd and its officials. The accused, including Kishore and Vinod Kumar, assured investors of weekly returns and plots in Dholera,” said Additional CP (EOW) Amrutha Gugoloth.Victims were shown presentations via Zoom, including doctored videos of the PM, and promised a 3 per cent monthly return along with plots, Royal Enfield motorcycles, laptops, and mobile phones on reaching milestones. Investors tracked returns through an app, which stopped functioning on 23 January 2023, and the company website went offline.The accused, including chief manager Ranveer Singh Bijarania, absconded, with similar complaints registered in Sikar (Rajasthan) and Gwalior (Madhya Pradesh). Investigations indicate a Ponzi scheme, where older investors were paid using funds from newer investors.The group, headquartered in Ahmedabad, operated under Nexa Evergreen Pvt Ltd and related entities. Jugal Kishore and Vinod Kumar managed the Shahdara branch. Funds collected were largely used to purchase land worth over Rs 20 billion in Dholera, with about 168 acres verified so far.Police noted Kishore, a Class 5 dropout, previously worked as a part-time priest and property dealer. He later opened an office in Vishwas Nagar to collect funds, becoming an authorised signatory for the accounts receiving investor money. At the time of arrest, he was living with relatives.