(MENAFN- Khaleej Times)

A food-delivery order placed on a Saturday afternoon in Dehradun has ended an 18-month manhunt for BlueChip Group owner Ravindra Nath Soni, the prime accused in one of the UAE's biggest investment frauds.

Additional Deputy Commissioner of Police (ADCP) Law & Order, Kanpur Nagar, Anjali Vishwakarma, told Khaleej Times on Wednesday that the breakthrough came after her team traced an order placed from the hideout where Soni had been staying.“He was caught through a food-delivery order. I don't know what he ordered; we were in a hurry to grab him,” she said.“This is a big catch.”

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The arrest took place on November 30 in Dehradun, the capital of Uttarakhand (a northern state of India). The city is located over 700km from Kanpur in Uttar Pradesh, where he is now detained. A reward of Rs 10,000 (Dh400) had earlier been announced for information leading to his capture. Soni's bail plea was rejected on Wednesday, with the police saying they need more time to question him and track the money trail.

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Soni, 44, was arrested 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.

Speaking to Khaleej Times, Talha said he had also invested additional sums in Dubai.“We trusted him because the Dubai operations looked solid. Now we are following the case closely.”

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.

ADCP Vishwakarma also urged Indian nationals who paid Soni within India to lodge police complaints as soon as possible.

Relief mixed with uncertainty

For many UAE-based victims, the arrest is a“mixed bag”; while they are relieved Soni has finally been caught, they remain unsure if they will recover their money, most of which was paid in the UAE, not India.

Against this backdrop, Dubai-based legal consultant Farhat Ali Khan of Century Maxim International (CMI) noted that the arrest could still enable prosecution in India.

He said,“While multiple complaints may have been filed against Mr Soni in the UAE, which will be tried under applicable laws, the legal framework in India is clear under Section 48 of the Bharatiya Nyaya Sanhita, 2023. Section 48 states that a person outside India who commits an act which, had it been done in India, would be an offence under Indian law, may still be prosecuted in India. The act must also be punishable where it was committed. In this case, the criteria are met.”

An Indian woman in Abu Dhabi who lost Dh1.2 million said she has chosen to focus on rebuilding her life.“I made a big mistake, but it won't define my life. I will earn it back.”

Dubai-based Indian expat Dr Pulak, who lost Dh310,000, said he filed an initial complaint in Dubai but did not pursue it further.“I'm not hopeful of recovery. At this point, I would be very inclined to see him incarcerated for life.”

Another investor who lost Dh140,000 said many victims are now exploring escalation in India.“Many of us have filed cases in the UAE courts as well and are prepared to pursue recovery. We want this case to move forward.”

The scale of the losses is becoming clearer. An Excel sheet shared with Khaleej Times shows investments totalling over $17 million from just 90 individuals.

“This is just the tip of the iceberg,” said investor SM, who put in the equivalent of Dh492,000.“Our WhatsApp groups have 345 investors. If we account for all, the total would be higher. This list isn't exhaustive; we haven't reached every investor yet.”

Several victims are based overseas, including from as far away as Japan and Pakistan, showing how far the scheme has spread.

BlueChip's collapse

Soni's arrest comes more than a year after Khaleej Times first exposed BlueChip's collapse in June 2024.

The company, which promised 36 per cent annual returns, shut down suddenly in March 2024, leaving hundreds of UAE residents facing losses estimated at more than $100 million.

BlueChip operated from Al Jawhara Building in Bur Dubai and claimed to manage a $70 million portfolio with over 700 clients. After payouts stopped, investors received bounced cheques and the office was abandoned overnight.

Investigations later revealed that BlueChip was the latest in a string of ventures Soni ran from the Bur Dubai premises.

Indian police confirmed he also faces earlier cases in Aligarh and Panipat for “double-your-money” schemes and criminal intimidation.

Investors said they were misled into investing in various BlueChip verticals. Many were promoted through celebrity appearances and business awards.

One vertical, the BlueChip Token, was launched at a five-star hotel in Dubai in July 2022, with Bollywood actor Sonu Sood as the chief guest.

Sood has denied endorsing the company.“When we attend an event, it doesn't mean we are endorsing it,” he said in a voice note to Khaleej Times.

He said the situation was unfortunate and hoped those who lost money would be able to recover.“He also owes us a significant amount,” Sood added.

In May 2024, Khaleej Times reported that Soni transferred $41.35 million to an unknown cryptocurrency wallet just days before the company shut down.

Although the arrest has ended the months-long manhunt, investors now brace for a lengthy legal process.

“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.”

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