In a major breakthrough in cracking cases of fraud for 'big dreams', Delhi Police has arrested a man for allegedly cheating several people in a Rs 2,700 crore scam by promising high returns on investments in a township project in Gujarat’s Dholera.
According to Police officials, the accused, Jugal Kishore (57), falsely claimed that the Prime Minister was the “brand ambassador” of the project and lured people into investing through his company, Additional Commissioner of Police (Economic Offences Wing) Amrutha Guguloth said in a statement.
The case gained prominence when cases against the accused were registered across many citices .Police said there are about 150 cases registered against the accused across the country, with the total scam estimated at Rs 2,700 crore.Kishore, a resident of Shahdara, was a partner and authorised signatory in firms linked to Nexa Evergreen Pvt Ltd, which floated the scheme. He was arrested following several complaints, including one by a Delhi resident and 97 others who alleged that investors were promised weekly returns and plots in Dholera, Guguloth said.
“Investigation revealed that the accused and his associates conducted online meetings with investors, showing videos of the prime minister and claiming endorsement of the project. Victims were offered plots, weekly returns of 3 per cent, and rewards such as mobile phones and motorcycles,” the Additional DCP said in a statement.
The company also launched an app through which investors could track their deposits. It was later disabled before the accused went underground, she said.Funds were diverted into multiple companies and misappropriated. “The Nexa group had purchased over 1,200 bighas of land in Gujarat, of which around 168 acres have been traced so far,” she added.Two of Kishore’s associates, Subhash Bijarania and Opendra Bijarania from Rajasthan, were arrested in December 2024 and remain in judicial custody.
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