Bluechip Scam: Dubai-Based Investors Fly To Lodge Complaints In India As Kanpur Police Arrest Alleged Mastermind

(MENAFN- Live Mint) BlueChip scam: Investors based out of Dubai, United Arab Emirates (UAE), are flying in to India in an effort to lodge complaints against an investment scam and its alleged mastermind, founder Ravindra Nath Soni, who has been arrested by Kanpur Police in Uttar Pradesh, reported the news portal Khaleej Times.

According to the news portal's report, at least six UAE-based investors have flown into India in the last few days to file complaints against the arrested BlueChip founder, Ravindra Nath Soni, over an investment scam.

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The Dubai-based news portal's report also highlighted that travel agency owner Dilip Kumar Lilaramani was among the latest people to arrive in India to lodge a complaint against Ravindra Nath Soni, claiming he lost 1.2 million dirhams in the BlueChip investment scam.

Lilaramani said that his decision to fly into India comes after he trusted BlueChip with his 1.2 million dirhams after being approached by a female company staff member.

The investors also said that within a matter of months, the whole business collapsed, and now the investor has to complain against 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 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,” Dilip Kumar Lilaramani told the news portal.

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According to the news portal's report, the female BlueChip staff member who approached Lilaramani is now wanted for questioning by Kanpur Police as part of their investigation into the matter.

Lilaramani was travelling with Abdul Kareem, whose complaint against the company started the Kanpur police investigation into the investment scam earlier in January 2025, as per the news report. Kareem claimed that BlueChip founder earlier tried to downplay his role when arrested.

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

How big is the investment scam?

According to an earlier report from the Dubai-based 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 over a dinner meal.

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BlueChip reportedly collapsed in March 2024 after the company promised 3% monthly returns to its investors. The news portal's report also mentioned that the company founder, Soni, reportedly transferred $41.35 million to an unknown cryptocurrency wallet days before disappearing.

Soni is also a wanted man in Dubai for complaints over cheque defaults and from company investors. On 30 November 2025, Ravindra Nath Soni was arrested from his Dehradun hideout after Kanpur Police traced a food-delivery order for tawa roti and vegetables.

The police have kept Soni on a six-day remand and will soon be taken to Delhi and Dehradun for evidence recovery, which includes documents, devices and financial trails, according to the news portal's report.

Kanpur Police Commissioner Raghuveer Lal Singh said that the probe 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 news report, early estimates peg the financial fraud was of ₹9.7 billion or nearly 400 million dirhams as more complaints against the founder come forward. Over 700 emails have been received from victims worldwide, including people from the UAE, reported the news portal.

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