Ravindra Nath Soni, the Indian-origin promoter of Dubai-based BlueChip Group and the key accused in one of the UAE’s biggest investment frauds, has been arrested at kanpur.
This brings to an end an 18-month cross-border manhunt that involved both Indian and Gulf authorities. Kanpur police on Monday confirmed that Soni, 44, was picked up from Dehradun, Uttarakhand, where he had been living under a false identity.
BlueChip, which operated from Bur Dubai, lured investors — many of them Indian expats — with assurances of guaranteed 3 percent monthly returns on a minimum $10,000 investment locked in for 18 months. The scheme collapsed in March 2024, leaving hundreds facing losses estimated at more than $100 million. Investors later found the office abandoned and their cheques bouncing as Soni and senior staff disappeared.
Police have now begun tracing the money trail and are preparing to freeze all bank accounts and assets linked to him. According to police, Soni defrauded scores of investors by promising high monthly returns through BlueChip. He has a long criminal record, with three previous fraud cases registered against him in India.
Investigations have shown that BlueChip was only the latest in a series of fraudulent ventures Soni operated from the same Bur Dubai premises. Between 2018 and 2020, he ran Acme Management Consultancy and Acme Global General Trading, which also folded abruptly after allegedly siphoning off investor funds.
