Delhi-based MBA dupes investors from Dubai, Japan, Canada of ₹1,000 cr

Delhi-based Ravindra Nath Soni has been accused of running a massive investment scam worth nearly ₹1,000 crore, according to a report by The Indian Express. Soni, an MBA, allegedly cheated investors from India and abroad by promising high returns through fake investment schemes run under the BlueChip Group.

 

After relocating to Dubai in 2010, Soni started BlueChip Group in 2021, claiming it invested money in forex trading and commodities like gold, oil and metals. He attracted investors from several countries, including India, the UAE, Malaysia, Canada, and Japan. However, the company suddenly collapsed last year, revealing that it was a fraud.

 

How was the fraud carried out?

According to the report, Soni and his associates set up at least 20 companies. Through these firms, they promised very high returns on investments, claiming that the money would double in three to four years.

 

The companies convinced the investors to put in ₹10 lakh-₹10 crore. The interests were initially paid on time to build trust. However, soon the payments were delayed and eventually stopped. The company’s offices were also shut, and websites and contact details disappeared.

How was Soni caught?

After the fraud was uncovered, Soni was under a travel ban in Dubai. However, he managed to escape and enter India via Oman in August.

 

After being on the run for nearly a year, he was traced by the Kanpur Police, the report said. On November 30, police tracked a food delivery order placed by Soni and arrested him in Dehradun.

 

He was arrested in connection with a 2022 case filed in Kanpur for cheating a Delhi resident and his son of over ₹40 lakh.

What has the investigation found so far?

Just within two weeks of Soni's arrest, 12 more first information reports (FIRs) were registered in Kanpur by victims from across India, including Kerala, Haryana, Rajasthan and Gujarat.

 

According to the report, the police have already identified assets worth about ₹29 crore in India, including properties in Noida, Delhi and Dehradun. So far, 33 bank accounts linked to Soni, his family and associates have been traced and are being investigated.

What will happen next?

Soni was sent to six-day police custody, which ended on December 14. Investigators are currently examining the roles of his associates, family members and a US-based woman linked to the case. The role of Bollywood celebrities is also likely to be investigated.

 

The Enforcement Directorate has taken details of the case from Kanpur Police and is assessing whether to start a money-laundering probe, the report said. The investigation is ongoing, and more arrests and asset seizures are expected.