- Ravindra Nath Soni was arrested in Dehradun after an 18-month international manhunt
- Soni is accused in the Rs 900-crore BlueChip Group investment scam in Dubai
- He was caught after police tracked a food delivery order from his hideout
Ravindra Nath Soni, a 44-year-old Indian-origin businessman, was arrested in Dehradun after an 18-month international manhunt. According to Khaleej Times, he's the key accused in the Rs 900-crore BlueChip Group scam in Dubai, where he allegedly promised unusually high returns on investments. The scam collapsed in March 2024, leaving hundreds of investors, mostly Indian expats, with significant losses.
His arrest came after after a Delhi resident, Abdul Kareem, filed a fraud case against him in Kanpur on January 5. Kareem and his son Talha, who works in Dubai, said they invested Dh1.6 million. Soni had promised to double the amount in three years. "We trusted him because the Dubai operations looked solid. Now we are following the case closely," Talha said.
How was he caught?
Soni's arrest is quite dramatic. Additional Deputy Commissioner of Police Anjali Vishwakarma revealed that Soni was caught thanks to a food delivery order placed from his Dehradun hideout. Her team tracked the order, leading to Soni's arrest on November 30. He is currently detained in Kanpur.
"He was caught through a food-delivery order. I don't know what he ordered; we were in a hurry to grab him. This is a big catch," she said.
Previoulsy, a reward of Rs 10,000 was announced for information leading to his capture. His bail plea was rejected, with police seeking more time to question him and track the money trail.
BlueChip Group investment scam
The BlueChip Group investment scam is a major financial fraud in Dubai, estimated at over $100 million (Dh367 million). Notably, the Dubai-based BlueChip Group based in Bur Dubai's Al Jawhara Building, promised unusually high returns to its over 700 clients, claiming to manage a staggering $70 million portfolio. However, the scheme collapsed in March 2024 when payments stopped, the office was abandoned, and Soni disappeared. Hundreds of UAE residents were defrauded.
Before closing, Soni reportedly transferred millions to a crypto wallet. Investigations showed Soni had operated similar fraudulent ventures before. He's facing earlier cases in Aligarh and Panipat for running "double-your-money" schemes and criminal intimidation.
Meanwhile, victims are uncertain about recovering their funds, and the legal process is expected to be lengthy.
Deputy Commissioner of Police (East Kanpur) Satyajit Gupta said investigators were widening the probe. "We are trying to get to the bottom of the racket. Investors in the UAE and elsewhere must file complaints in the jurisdiction where they handed over the money," he said.
"The arrest brings some relief," said a UAE investor who lost Dh1.2 million, "but the case is far from over until we recover our money."
