BlueChip Fraud: Dubai-based investors in the United Arab Emirates (UAE) are flying to India in a bid to file complaints against an investment scam and its alleged mastermind, founder Ravindra Nath Soni, who was arrested by the Kanpur police in Uttar Pradesh, news portal Khaleej Times reported.
At least six UAE investors have flown to India in recent days to lodge complaints against arrested BlueChip founder Ravindra Nath Soni in an investment scam, according to a news portal report.
Read also | ₹2,400 bet scam: Delhi HC says ED can attach assets linked to fakes
What happened to the investors?
A Dubai news portal report also highlighted that travel agency owner Dilip Kumar Lilaramani was among the latest people to come to India to file a complaint against Ravindra Nath Soni, who claimed to have lost 1.2 million dirhams in the BlueChip investment scam.
Lilaramani said his decision to fly to India comes after he trusted BlueChip with his 1.2 million dirhams after being approached by a company employee.
The investors also said that within a few months the whole business collapsed and now the investor has to complain to the company to get his money back from the multi-million dirham scam.
“I trusted the company (BlueChip) and gave 1.2 million dirhams after being approached by a BlueChip employee,” he said. “Within months, the whole thing collapsed. This is my busiest time in Dubai, but the refund is more important,” Dilip Kumar Lilaramani told the news portal.
Read also | ‘Fake ID, fake homework’: Google Nano Banana Pro triggers global scam scare
According to a news portal report, the BlueChip staff member who approached Lilaramani is now wanted for questioning by the Kanpur police as part of their investigation into the matter.
Lilaramani was traveling with Abdul Kareem, whose complaint against the company had triggered a Kanpur police investigation into the investment scam earlier in January 2025, the report said. Kareem claimed that the BlueChip founder had earlier tried to downplay his role when he was arrested.
“He (Ravindra Nath Soni) told the police that he was ‘running a kachodi (Indian snack) business to feed his family’,” Kareem told the news portal. “But they owe people like me huge sums of money. I’m grateful that it’s finally being done.”
How big is investment fraud?
According to an earlier report by a Dubai news portal, the company and its founder allegedly defrauded investors of 400 million dirhams and were on the run for a while before being arrested at dinner.
Read also | Owaisi files complaint over his deeply fake AI video spreading investment scam
BlueChip reportedly collapsed in March 2024 after the company promised its investors 3% monthly returns. The news portal’s report also mentioned that Soni’s founder allegedly transferred $41.35 million to an unknown cryptocurrency wallet days before he disappeared.
Soni is also a wanted man in Dubai due to complaints of check failures and from the company’s investors. On 30 November 2025, Ravindra Nath Soni was arrested from his hideout in Dehradun after the Kanpur police traced an order for the delivery of tawa roti and vegetables.
The police have kept Soni in six-day custody and according to a news portal report, she will soon be taken to Delhi and Dehradun to find evidence, which includes documents, equipment and financial traces.
Kanpur Police Commissioner Raghuveer Lal Singh said that the investigation into the investment scam has revealed 26 Indian bank accounts, eight cryptocurrency wallets and around 20 companies (4 inactive) linked to Soni.
According to the report, initial estimates were that it was a financial scam ₹9.7 billion or almost 400 million dirhams as more complaints against the founders come. More than 700 emails were received from victims around the world, including people from the United Arab Emirates, the news portal said.
