$396 mn crypto trail unearthed in Blue Chip fraud: Kanpur Police
The discovery nearly quadruples the initial estimate of fraud and exposes the international scope of the Blue Chip Token scam. Investigators have uncovered token units worth nearly ₹20,000 crore issued in the company’s name, none of which were registered on the blockchain, raising questions about whether investors were trading in phantom assets, officials said.
Kanpur Police have traced a cryptocurrency wallet handling transactions worth $396 million, roughly ₹3,564 crore, as they probe deeper into the alleged ₹970-crore fraud orchestrated by Delhi-based Ravindranath Soni, 44. The accused, who allegedly duped more than 700 people across India, Dubai, Sharjah, Oman and the US, was arrested after an 18-month hunt that ended in Dehradun on December 2.
The discovery nearly quadruples the initial estimate of fraud and exposes the international scope of the Blue Chip Token scam. Investigators have uncovered token units worth nearly ₹20,000 crore issued in the company’s name, none of which were registered on the blockchain, raising questions about whether investors were trading in phantom assets, officials said.
Police commissioner Raghubir Lal revealed that the Special Investigation Team (SIT) has identified properties and commercial establishments linked to Soni across Dubai, Delhi, Gurugram and Noida, along with a luxury car. Documents recovered from his Dehradun hideout are now under forensic examination.
The probe has zeroed in on Soni’s technical associate, Vibhash, who allegedly controlled the investment mechanism and operational processes. Police believe he played a key role in managing the Blue Chip Token venture. Another key figure, Suraj Jumani, is also under scrutiny after lawyers representing the accused submitted documents showing transactions worth 17.72 million dollars (about ₹1,594.8 crore) linked to him. These claims are being verified.
In a development that underscores the fraud’s global reach, investigators have found evidence of substantial investments from three Japanese businessmen, Hiroyuki Hayashi, Tamiyuki Miyamoto and Yoshiyuki Shirasawa. Police are attempting to contact them to establish the nature of their investments and record their statements.
A Dubai-based investigating agency is expected to arrive on Sunday to question Soni, reflecting the growing international coordination in the case. The arrest came more than a year after the BlueChip collapse was first exposed in 2024, when the company’s Dubai office was abandoned overnight and investors discovered their cheques had bounced.
