UAE Investors Rush To India To File Bluechip Complaints As Police Widen Probe

UAE-based investors caught in the multimillion-dollar BlueChip financial scandal are now flying to India to lodge complaints, hoping to strengthen the case against arrested founder Ravindra Nath Soni, who remains in Kanpur Police custody.

Among the latest to arrive on Thursday morning was Dubai travel agency owner Dilip Kumar Lilaramani, who says he lost Dh1.2 million.

Speaking to Khaleej Times while travelling by road from Lucknow to Kanpur - an 80-kilometre stretch - Lilaramani said he decided to fly in despite the peak travel season for his business.

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“I trusted the company (BlueChip) and gave Dh1.2 million after I was approached by a female BlueChip staffer,” he said.“Within months, the whole thing collapsed. This is my busiest time in Dubai, but recovering my money matters more.”

Kanpur Police have said the woman who approached him, a former Dubai-based BlueChip employee, is now wanted for questioning. Investigators believe her US-registered company received transactions linked to Soni. Notices have been issued, but she has not responded.

Travelling with Lilaramani was fellow complainant Abdul Kareem, whose complaint in January this year triggered the Kanpur police probe. Kareem said Soni initially tried to downplay his role when arrested.

“He told police he 'runs a kachodi (Indian snack) shop to feed his family',” Kareem said.“But he owes people like me huge sums. I am thankful action is finally being taken.”

At least six UAE investors have flown to India in recent days to file complaints, with Kanpur Police saying more expatriates are expected in the days ahead.

Soni, wanted in Dubai for cheque defaults and investor complaints, was arrested on November 30 after Kanpur Police traced a food-delivery order for tawa roti and vegetables to his Dehradun hideout. He is currently on a six-day remand and will be taken to Delhi and Dehradun for evidence recovery, including documents, devices and financial trails.

Kanpur Police Commissioner Raghuveer Lal Singh said investigators have so far identified 26 Indian bank accounts, eight cryptocurrency wallets and around 20 companies linked to Soni, four of which are inactive. Preliminary estimates place the fraud at Rs9.7 billion (approximately Dh400 million), though the figure is expected to rise as more complainants come forward. More than 700 emails have been received from victims worldwide, including UAE residents, according to Indian police.

Notices have also been served to Bollywood actor Sonu Sood and former WWE wrestler The Great Khali, asking them to join the investigation. Police are examining whether any promotional appearances or endorsements were under formal contract.

BlueChip collapsed abruptly in March 2024 after promising investors three per cent monthly returns. Khaleej Times first reported the shutdown and later revealed that Soni transferred $41.35 million to an unknown cryptocurrency wallet days before disappearing - a finding now central to the Indian investigation.

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