Ravindra Nath Soni, an Indian-origin owner of the Dubai-based BlueChip Group, has been apprehended by Kanpur police in connection with a massive investment fraud. The 44-year-old was arrested in Dehradun, Uttarakhand, where he was living under a false identity, after an 18-month long cross-border manhunt.
Soni is the key accused in one of the UAE's largest investment scams, where BlueChip Group allegedly defrauded investors, many of whom were Indian expatriates, of over $100 million (approximately Dh367 million). The company, operating from Bur Dubai, enticed investors with promises of guaranteed 3% monthly returns, amounting to 36% annually, on a minimum investment of $10,000 locked in for 18 months.
The scheme collapsed in March 2024, when investors stopped receiving payments. The BlueChip office was found abandoned, and the cheques issued to investors began to bounce. Soni and other senior staff members subsequently disappeared, prompting investigations by both Indian and Gulf authorities.
According to Additional Deputy Commissioner of Police Anjali Vishwakarma, Soni was tracked through technical and human surveillance before being arrested in Dehradun. She described the arrest as a "significant breakthrough". A reward of Rs 10,000 had been announced for information leading to his arrest.
Police have initiated efforts to trace the money trail and are preparing to freeze all bank accounts and assets linked to Soni. Authorities report that Soni has a history of fraudulent activities, with three previous fraud cases registered against him in India.
Investigations reveal that BlueChip was not Soni's first fraudulent venture. Between 2018 and 2020, he operated Acme Management Consultancy and Acme Global General Trading from the same Bur Dubai location. These ventures also allegedly siphoned off investor funds before abruptly closing. Court records indicate that Soni was previously ordered by a Dubai court in 2023 to repay Dh2.05 million to another victim. In 2022, he was arrested in Aligarh for running a "double-your-money" scheme and faces additional fraud and criminal intimidation charges in Panipat, Haryana.
The BlueChip Group scam was exposed in June 2024, after the Dubai Court of First Instance issued an arrest warrant against Soni for failing to repay Dh10.05 million to a cheque-holder.
