Priest Arrested in ₹2,700-Crore Investment Scam

A former priest has been arrested by the Delhi Police’s Economic Offences Wing (EOW) for his involvement in a staggering ₹2,700-crore investment scam that deceived numerous individuals across India. The accused, identified as Jugal Kishore, 57, was apprehended in Vishwas Nagar, Shahdara, following a long investigation into a scheme that promised attractive weekly returns and property plots in a planned township project in Dholera, Gujarat.

The scam, which spanned nearly a year starting in January 2022, has resulted in around 150 cases being filed against various individuals involved. Police reports indicate that Kishore and his associates misrepresented themselves as directors of Nexa Evergreen Private Limited, a company that falsely claimed endorsement from the Prime Minister of India, Narendra Modi. They allegedly used edited videos of the Prime Minister to instill confidence in potential investors.

The EOW’s investigation revealed that two key associates, ex-serviceman Subhash Bijarania, 45, and Opendra Bijarania, 47, were arrested last December and are currently in custody. The scheme targeted primarily government employees from Delhi, with victims collectively losing approximately ₹150 crore. A formal complaint was lodged by Neha Kumari and 97 other victims, leading to a detailed inquiry into the fraudulent activities of the organization.

Details of the Scam

Victims were promised returns of 3% on their investments every Tuesday, alongside the allocation of plots within the “Nexa Evergreen Project” in Dholera, a site promoted as a flagship initiative of the Prime Minister. According to Amrutha Guguloth, the additional commissioner of police, the group conducted virtual meetings with investors, showcasing videos that falsely presented Modi as the project’s brand ambassador.

Furthermore, the perpetrators offered incentives such as mobile phones, laptops, and Royal Enfield motorcycles to entice potential investors, creating a façade of legitimacy. The company also launched a mobile application on Google Play, allowing investors to track their investments and balances. However, operations ceased abruptly in January 2023, when the app was deleted, the website taken offline, and the suspects went underground.

Investigation and Recovery Efforts

EOW investigations have indicated that most of the misappropriated funds were funneled through two firms, Nexa Evergreen Developers Dholera and 9 Oak Developers Dholera, which had acquired approximately 1,200 bighas of land in the Dholera region. Preliminary records verified with the local sub-registrar confirm the acquisition of around 168 acres to date.

The arrest of Jugal Kishore marks a significant development in the ongoing investigation, which aims to bring all involved parties to justice. The authorities are continuing to pursue leads in an effort to recover the lost funds for the victims. The case underscores the need for increased vigilance among investors, especially in schemes that promise unusually high returns with minimal risk.