People lose ₹2,676 crores in a fake Dholera Smart City scheme
- finminati
- Jun 16
- 2 min read
Updated: 13 hours ago
A 1-minute and 1-page summary
16 June 2025, Monday
Two brothers from Rajasthan, who claimed to be a part of Dholera Smart City, have allegedly duped 70,000 people of ₹2,676 crores by selling plots, flats and investment schemes.
What is the real Dholera Smart City Project? What are the details of the fraud? Find out more on FINMINATI.
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What is the real Dholera Smart City Project?
The Dholera Smart City Project, a joint project between the Central and Gujarat government, is India’s 1st Greenfield Smart City spread over 920 sq. km (2 times the size of Delhi).
It is expected to be developed by 2042 and would have an International Airport and multiple MNC offices.
The Fraud / Scam
2 brothers from Rajasthan, had initially bought some land each in Dholera.
In 2021, they formed a company called Nexa Evergreen, and got it registered in Ahmedabad.
The company claimed to:
be a part of the ‘Dholera Smart City Project’
own 1,300 bigas (a unit of land measurement) in the project.
The 2 brothers along with some other associates / agents, lured people by promising plots, flats and investment schemes with high return potential.
They even offered commissions and rewards to investors for referring other people and bringing in more investors.
They managed to lure 70,000 people and raise ₹2,676 crores.
What they did with the money:
Gave ₹1,500 crores as commissions
They actually purchased 1,300 bigas in the project
Bought luxury cars, mines and hotels in Rajasthan, flats in Ahmedabad and resorts in Goa
Withdrew ₹250 crores as cash
Transferred the remaining money across 27 different shell companies
They later shut all their offices and fled.
The Current Situation
A case of fraud has been filed in Jodhpur, Rajasthan.
The Enforcement Directorate has started its investigation into this scam.
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