The main accused in one of the UAE’s largest investment frauds was arrested in Dehradun, Uttarakhand. Reportedly, India-origin Ravindra Nath Soni was taken into custody by the police after an 18-month international hunt.
Who is Ravindra Nath Soni?
He is the owner of the Dubai-based BlueChip Group and the prime accused in a scam, reported Khaleej Times. The 44-year-old was arrested by Kanpur police. A reward of ₹10,000 was also announced for any information that would lead to his arrest.
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What is Soni accused of?
“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,” the Additional Deputy Commissioner of Police (ADCP) Law & Order, Kanpur Nagar, Anjali Vishwakarma (IPS) told media.
BlueChip Group investment scam:
The scam came to light when Soni allegedly failed to repay Dh10.05 million to a cheque-holder, and an arrest warrant was issued against him.
{{/usCountry}}The scam came to light when Soni allegedly failed to repay Dh10.05 million to a cheque-holder, and an arrest warrant was issued against him.
{{/usCountry}}The company operated from the Al Jawhara Building in Bur Dubai. It promised investors guaranteed 3% monthly returns on a minimum investment of $10,000, locked in for 18 months.
However, the scheme collapsed in 2024 when the payments stopped. It left many in the UAE, including Indian expats, facing losses. The estimated loss amount is Dh367 million ($100 million), according to the outlet.
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Reportedly, when the investors' cheques bounced, Soni was nowhere to be found, and the office was abandoned overnight. The outlet further reported that, according to court records in 2023, Soni was ordered to repay Dh2.05 million to another victim.
In 2022, he was arrested in India for allegedly operating a “double-your-money” scheme, according to the outlet.