Delhi Police Arrest KeIndia_5b3bb3.jpgy Accused In Rs 27 Billion Dholera Scam
ECONOMY & POLICY

Delhi Police Arrest KeIndia_5b3bb3.jpgy Accused In Rs 27 Billion Dholera Scam

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.

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.

Related Stories

Gold Stories

Next Story
Equipment

BEML Wins GeM Award for Highest MSE Order Value

BEML Limited has received the “Maximum Order Value to MSEs” award at the 10th Foundation Day celebrations of the Government e-Marketplace (GeM) held at Bharat Mandapam, New Delhi.Union Minister of Commerce and Industry Piyush Goyal presented the award, which was received on behalf of BEML by Anil Jerath, Director (Finance).The recognition acknowledges BEML's efforts to strengthen procurement from Micro and Small Enterprises (MSEs) through the GeM platform.BEML said its procurement initiatives are aimed at encouraging greater participation of MSEs in public procurement and supporting the gr..

Next Story
Equipment

BKT to Showcase Advanced Off-Highway Tyres at Bauma ConExpo

Balkrishna Industries Ltd (BKT) will showcase its latest off-highway tyre solutions at Bauma ConExpo India 2026, scheduled from September 15-18 at the India Expo Centre, Greater Noida.The company will display a range of application-specific tyres for construction, mining and industrial operations at Hall 12, Booth No. 1. Key products will include the EARTHMAX SR 30 for loaders and articulated dump trucks and the AIROMAX AM 27 for mobile cranes.BKT will also showcase MINE FORCE, EARTHMAX EXPERTO GD1, XL GRIP NEO, DYNA HAUL, CONSTEER and EARTHMAX SR423. The tyres are designed to operate under he..

Next Story
Products

Koemmerling opens Navi Mumbai experience centre

Koemmerling, a brand of the profine Group, has expanded its presence in the Mumbai metropolitan region with the opening of a new experience centre in Navi Mumbai and launched its Allure S46 minimal sliding door system for the Indian market.Located in CBD Belapur, the facility was inaugurated by Peter Mrosik, Owner and CEO, profine Group, along with Farid Khan, Chairman and Managing Director, profine India, and Kamal Bajaj, CEO, profine India.The company said the new centre will showcase its portfolio of uPVC and aluminium window and door systems to architects, developers and homeowners.The ina..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement