Bank employee to Dubai bizman: Rise and fall of BlueChip Group founder arrested in ‘Rs 1,000-cr scam’ | Lucknow News

Soon, police said, Soni decided to set up his own company, which claimed to deal in forex trading and commodities such as gold, oil, and metals.

In 2021, police said he launched the BlueChip Group in Dubai. He amassed investors not just in India and UAE but in several other countries, including Malaysia, Canada, and Japan, police said.

In 2024, BlueChip came crumbling down — not because of financial losses but because, investigators alleged, Soni was running an elaborate con.

After a year on the run from authorities in Dubai, Soni (42) was found in India last month — he had allegedly entered the country via Oman in August, said Kanpur Police Commissioner Raghubir Lal.

On November 30, he was nabbed from Dehradun after Kanpur Police traced a food delivery order he had placed. Police said he was arrested in a case lodged in 2022 on charges of cheating a Delhi resident and his son of over Rs 40 lakh through an investment scheme.

As the investigation progressed, police discovered that Soni had allegedly defrauded numerous investors through multiple investment companies — including BlueChip. Preliminary estimates indicate that the total amount involved in the fraud could reportedly be as high as Rs 1,000 crore.

In the two weeks following his arrest, 12 more FIRs were registered in Kanpur after complaints were filed by victims from other states, including Kerala, Haryana, Rajasthan and Gujarat, in connection with the BlueChip scam, said Station House Officer, Kotwali police station, Jagdish Pandey.

The complainants alleged Soni cheated them of their money while they were living and working in Dubai and other countries, where they had invested funds in the accused’s schemes.

SHO Pandey said Soni had been sent to six-day police custody remand, which ended on December 14. He is originally from Malviya Nagar in Delhi and his father is a retired government officer, said police.

Making of a scam

According to police, Soni allegedly set up BlueChip along with four-five associates. Police learned that Soni was also operating around 20 companies, said Commissioner Lal.

Police claimed that through various schemes, investors were allegedly lured with assurances of high interest on their money. A police officer said the investments by investors ranged from Rs 10 lakh to as much as Rs 10 crore.

Police said the accused had promised attractive returns with interest on the money deposited with them. When they abruptly stopped paying interest, investors raised objections. Police said initially, the accused and their associates assured them that the issue would be resolved soon, which temporarily placated the depositors.

However, the accused subsequently shut down their office. Police said Soni and his associates then went underground.

Though he was placed under a travel ban in Dubai, Soni managed to leave the country, said Commissioner Lal.

The Indian Express earlier reported that the complaint registered against him in Kanpur by the Delhi resident, Abdul Karim, stated that a sales executive of Bluechip Group of Companies contacted his son and informed him about several investment schemes of the company. In 2021, the sales executive also told him that the company was operating in India, and many investment schemes were available, under which the invested amount could double within 36 to 46 months.

“During this time, the owner of the company, Ravindra Nath Soni, also met my son and explained his investment schemes for India. At his instruction, my son, Talha. invested Rs 9 lakh,” the complaint stated.

In 2022, Soni informed them of some new attractive schemes and asked them to invest again. The complainant, through his son, transferred around Rs 32 lakh. The complaint stated that a few months ago, when Talha tried to contact Soni and his company representatives, he was unable to reach anyone. “… it was discovered that the company’s website and online contact details had been shut down,” it alleged.

Where does the case stand now

So far, police said they have identified assets worth around Rs 29 crore linked to Soni in India, including properties in Noida, Delhi and Dehradun, said Lal. Police claimed to have traced 33 bank accounts in the names of Soni, his family members and his associates — all of which are currently under scrutiny.

Police are also gathering information on the companies operated by Soni and his associates — the organisational structure, persons involved in promoting them, beneficiaries of the operations, and locations from which these companies were functioning.

Authorities claimed to have identified four-five associates of Soni and are probing their roles, along with the involvement of a US-based woman. The role of Soni’s family members is also under scanner.

Police said during their probe, they also learnt that the accused sent a large portion of the funds to India through the hawala route.

Police further recovered videos purportedly showing Soni leading a lavish lifestyle in Dubai, including footage of him with high-end cars. In another video, he is allegedly seen stashing bundles of US dollars inside a sofa at his Dubai office.

“People in Dubai shared videos and other case-related documents concerning the accused with the police,” said Lal.

Investigators are also ascertaining the source of the initial payouts to investors or where investors’ money was actually being invested, said a police officer.

The Enforcement Directorate (ED) has also obtained details of the case from the Kanpur Police and is assessing the matter.

Police are also probing the role of Bollywood celebrities, who were promoters of the firm, in connection with the case.