The main accused in one of the United Arab Emirates’ (UAE) largest investment frauds has been apprehended in Dehradun, Uttarakhand. Indian-origin Ravindra Nath Soni, the alleged mastermind of the scheme, was taken into custody by police following an extensive 18-month international manhunt.
Soni, 44, was arrested by the Kanpur police. A reward of ₹10,000 had been announced for any information that would lead to his capture.
The BlueChip Group Investment Scam
Ravindra Nath Soni is the owner of the Dubai-based BlueChip Group and the prime accused in a scam that has left numerous investors, including Indian expatriates, facing massive financial losses.
- The Scheme: Operating from the Al Jawhara Building in Bur Dubai, the BlueChip Group promised investors guaranteed 3% monthly returns on a minimum investment of $10,000, locked in for an 18-month period.
- The Collapse: The scheme collapsed in 2024 when the promised payments abruptly ceased. The scam came to public light after Soni allegedly failed to repay Dh10.05 million to a cheque-holder, leading to an arrest warrant being issued against him.
- Estimated Losses: The total loss amount from the fraud is estimated to be a staggering Dh367 million (approximately $100 million), according to reports.
When investors’ cheques began to bounce, Soni was nowhere to be found, and the company office was reportedly abandoned overnight. Court records also show that Soni was previously ordered to repay Dh2.05 million to another victim in 2023.
Soni’s Arrest and Criminal History
Soni was taken into custody in Dehradun. Authorities have indicated he has a history of financial crimes.
Additional Deputy Commissioner of Police (ADCP) Law & Order, Kanpur Nagar, Anjali Vishwakarma (IPS), confirmed the allegations to the media:
“Soni defrauded numerous victims by promising high monthly returns through his Dubai-based company BlueChip. He has a long criminal history with three prior cases of fraud registered against him. We are now following the money trail and will seize all bank accounts and assets linked to him.”
Soni had also been arrested in India in 2022 for allegedly operating a separate “double-your-money” scheme.