Rs 27 Billion Dholera Scam: The Economic Offences Wing (EOW) of Delhi Police has made a major breakthrough by arresting Jugal Kishore, a central accused in the Rs 27 Billion Dholera Scam. This alleged financial fraud has shaken investors across India, as nearly 150 people were duped through false promises of extraordinary returns in a so-called Dholera Smart City investment project in Gujarat.
The case, which involves forged documents, fake videos, and misleading investment schemes, has exposed one of the biggest financial scams linked to real estate projects in recent years. Police say that the accused not only lured investors with the promise of high profits but also misused the image of Prime Minister Narendra Modi by circulating a doctored video suggesting that the Dholera project was personally endorsed by him as his “dream initiative.”
How the Rs 27 Billion Dholera Scam Worked
According to the investigation, the scam was orchestrated under the name of Nexa Evergreen Private Limited, a company that claimed to be developing a major project in Dholera Smart City. Investors were told that their money would be used for large-scale land development and infrastructure, and in return, they would receive guaranteed monthly returns of 3%, along with additional rewards.
The accused, led by Jugal Kishore, used Zoom presentations and fake promotional material to convince investors. The most shocking element was a doctored video featuring Prime Minister Modi, making it appear as if he was endorsing the project as part of his vision for Gujarat’s smart city development.
Many investors, impressed by what looked like an official government-backed initiative, poured large sums of money into the scheme.
Unrealistic Promises to Attract Investors
Police revealed that the fraudsters offered extraordinary incentives beyond financial returns. Investors were told they would receive:
- Residential plots in Dholera
- Royal Enfield motorcycles
- Laptops and mobile phones
- Other luxury gifts on reaching investment milestones
The group even launched a dedicated mobile application where investors could track their promised monthly returns. However, the app suddenly stopped functioning on 23 January 2024, which raised alarm among victims who realized they had been cheated.
Arrest of Jugal Kishore
The EOW team arrested Jugal Kishore, 57, from Shahdara, Delhi, where he had been operating as one of the masterminds of the fraudulent scheme. Kishore, along with another accused Vinod Kumar, was managing the Shahdara branch of Nexa Evergreen Pvt Ltd, while the company’s headquarters was in Ahmedabad, Gujarat.
Police confirmed that the scam was not limited to one branch but operated through a network of entities linked to Nexa Evergreen Pvt Ltd, spreading across multiple states.
The Money Trail: Rs 27 Billion Collected
Initial investigations reveal that the fraudsters managed to collect nearly Rs 27 billion (₹2,700 crore) from unsuspecting investors. A large chunk of the money, around Rs 20 billion, was reportedly used to purchase land in Dholera, where about 168 acres of land have been verified so far.
However, officials believe that this land purchase was merely a way to show legitimacy to investors, while the actual intention was to siphon off funds for personal gain.
Victims of the Scam
More than 150 investors have already come forward, filing joint complaints with the Delhi Police. Most victims were from Delhi, Gujarat, and neighboring states, although police suspect that the scam may have lured investors from across India.
The victims include middle-class families, small business owners, and working professionals, many of whom invested their life savings believing in the project’s credibility. Some had invested after seeing the alleged “Modi endorsement video,” which gave them false confidence.
Official Police Statement
A senior officer from the Economic Offences Wing stated:
“The accused used fraudulent techniques, including fake videos and misleading presentations, to convince investors. They promised unrealistic returns and material rewards, which is a classic sign of a Ponzi-style scheme. We are investigating the money trail, the extent of land purchases, and whether more people were involved in the Rs 27 Billion Dholera Scam.”
Wider Impact of the Dholera Scam
The Dholera Smart City Project is one of the government’s flagship urban development plans in Gujarat, aimed at building a modern, high-tech city. Unfortunately, fraudsters exploited its popularity to run their fake investment scheme.
The Rs 27 Billion Dholera Scam has not only caused huge financial losses but also damaged investor confidence in genuine smart city projects. Experts believe that such scams can discourage real investment and harm the credibility of legitimate development initiatives.
What’s Next in the Investigation
Police are currently:
- Tracing the flow of Rs 27 billion through bank accounts and shell companies.
- Verifying land ownership documents related to 168 acres in Dholera.
- Identifying more victims who may not have yet reported their losses.
- Tracking down other suspects linked with Nexa Evergreen Pvt Ltd.
Officials have also sought help from financial regulators to check if similar schemes are being operated under different company names.
Lessons for Investors
The Rs 27 Billion Dholera Scam is a reminder for people to be cautious about schemes that promise high, guaranteed returns. Experts advise:
- Always verify whether a project is officially government-backed before investing.
- Be suspicious of incentives like free bikes, gadgets, or plots, which are often used as traps.
- Check the authenticity of videos and promotional material, especially when high-profile leaders’ names or faces are used.
- Use only verified investment platforms and consult financial advisors before committing large sums.
Also read: Dholera News: Aaiji Group to Invest ₹100 Crore in Affordable Housing Along Lothal-Dholera Corridor
Conclusion
The arrest of Jugal Kishore is a significant step forward, but the Rs 27 Billion Dholera Scam investigation is far from over. With hundreds of crores of rupees involved and countless lives impacted, authorities are working to unravel the entire network behind the fraud.
While police tighten their grip on the accused, this case serves as a wake-up call for Indian investors to remain vigilant and not fall prey to schemes that sound “too good to be true.”
