A Food Delivery Order Leads to Arrest of BlueChip Fraud Mastermind

After 18 months on the run, Ravindra Nath Soni, the mastermind behind Dubai-based fraud group BlueChip, was arrested in India. Authorities had offered a 10,000-rupee reward for information leading to his capture in what is considered one of the UAE's largest investment scams.

Anjali Vishwakarma, an officer from the Kanpur Nagar police, told the media that Soni's arrest was linked to a food delivery order. She stated that police found a food delivery order to an address where the suspect had stayed, leading to a raid in Dehradun on November 3.

On Wednesday, Soni's bail application was rejected as authorities require more time for investigation and tracing the funds.

In January, Delhi resident Abdul Kareem accused Soni of fraud. He claimed Soni had promised to double his investment within three years, while his son stated their trust in Soni stemmed from the company's seemingly credible operations in Dubai. The father and son reportedly invested 1.6 million dirhams.

In March 2024, BlueChip abruptly collapsed, leaving hundreds of UAE investors with estimated losses of up to $100 million. Days before the collapse, Soni transferred $41.35 million to a cryptocurrency wallet. The company had previously promised investors an annual return of 36%.

BlueChip had leased an office in Dubai's Al Jawhara tower, but the place was abandoned overnight after the collapse.

Investors revealed that the company also conducted offline promotional campaigns featuring celebrity endorsements and business awards. Bollywood actor Sonu Sood served as the chief guest at a BlueChip Token event held at a hotel in Dubai in 2022.

Indian police noted that investigators are expanding their probe and urged Indian investors who paid Soni to file reports promptly.

Despite suspect Soni's arrest, it remains uncertain whether victims can recover their losses. According to Khaleej Times, 90 individuals alone reported losses exceeding $17 million.

An Indian expatriate in Dubai lost Dh310,000 to BlueChip. Though he has filed a police report in the UAE, he expressed little expectation of recovering his losses, instead hoping the fraudster receives life imprisonment.

Another victim who lost Dh140,000 revealed that many have already filed lawsuits in the UAE courts and are determined to pursue full compensation.

BrokersView reminds you

Investors should exercise extreme caution regarding investment schemes promising lucrative returns in a short period. Such unrealistic promises often come with significant fraud risks.

To avoid financial losses, investors must invest with caution and steer clear of unregulated brokers.