Bluechip Scam: Indian Police Seek Court Nod To Examine Phones In $41-Million Fraud

(MENAFN- Khaleej Times)

Indian officials investigating the BlueChip investment scam plan to ask the court for permission to examine mobile phones and electronic devices taken from founder Ravindra Nath Soni. They hope this will help them track cryptocurrency wallets that may have been used to move investor money.

Police officials said the Special Investigation Team (SIT) will apply next week for permission to examine the devices taken while Soni was in custody. They believe these phones and gadgets hold important digital evidence about financial transactions and encrypted messages.

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Deputy Commissioner of Police (East Kanpur) Satyajit Gupta told Khaleej Times on Wednesday that the seized devices will be formally presented to the court as part of the investigation.“We will soon submit an application in court to present the seized phones and other electronic devices as evidence,” Gupta said.“Once we have permission, we will examine them according to legal procedures."

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Indian law requires police to get court approval before they can forensically examine seized digital devices, especially if they contain personal data or encrypted information.

Investigators think that checking the phones could help connect Soni to several cryptocurrency wallets, digital transactions, and messaging platforms that may have been used to move investor money.

As Khaleej Times reported earlier, police are looking into a $41.35 million transfer to an unknown cryptocurrency wallet that happened just days before BlueChip closed in March 2024. This transaction is now a main focus of the investigation.

During questioning, complainants have given police screenshots, wallet details, and chat records related to suspected crypto transactions. Investigators now want to check these claims against the data on Soni's seized devices.

Officials said this analysis could also help confirm claims that funds were moved through several bank accounts before being sent as cryptocurrency.

Police said that several cases have already been filed against Soni in different areas, and the number is growing as more victims report their losses.

So far, investigators have found 26 Indian bank accounts, eight cryptocurrency wallets, and about 20 companies that may be linked to Soni. Early estimates put the fraud at about Dh400 million, but officials say this number could go up.

BlueChip, which operated out of Bur Dubai, collapsed abruptly after payouts stopped overnight, leaving hundreds of UAE residents facing losses. Several UAE-based investors have since travelled to India to record statements, while others have filed complaints remotely.

Soni, who is wanted in Dubai in multiple cheque default and investor cases, was arrested on November 30 after Kanpur police traced a food-delivery order placed from his hideout in Dehradun.

Police said the court-led examination of the seized devices is expected to be a key step in advancing the investigation's crypto and cross-border financial aspects.

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