Bluechip Scam: Founder Faces Fresh Remand As Police Recover Crypto Trail From Phone

2026-02-04 02:50:47

(MENAFN- Khaleej Times) Indian investigators probing the BlueChip investment scam that left hundreds of UAE residents facing massive losses will move court on Wednesday (February 4), seeking at least a week of further custodial remand of founder Ravindra Nath Soni. Police say they are intensifying efforts to trace cryptocurrency wallets and hidden assets linked to the alleged fraud.

Kanpur Additional Deputy Commissioner of Police Anjali Vishwakarma, who heads the Special Investigation Team (SIT), told Khaleej Times that police have carried out forensic imaging of Soni's mobile phone and recovered around 22GB of data, including details of properties, bank accounts and suspected crypto activity.

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“We have recovered important digital material from the phone, including evidence linked to assets, financial accounts and cryptocurrency-related trails,” she said over the phone.

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The SIT is now seeking extended custody to interrogate Soni further, as investigators analyse wallet screenshots, transaction records and encrypted communications believed to be crucial to mapping the money trail.

“We need to question him in detail to understand the full intent and structure behind these transactions,” Vishwakarma said, adding that Soni has continued to deny wrongdoing.

Investigators have also identified several new phone numbers during the analysis, which are now being verified as part of the widening cross-border probe.

Vishwakarma said 24 cases have been registered so far, many initiated by UAE-based investors who travelled to India in recent months to formally record their statements.

BlueChip, which operated out of Bur Dubai, promised investors returns of around three per cent a month before collapsing abruptly in March 2024, when payouts stopped and its office shut overnight.

Khaleej Times was the first to report the company's sudden closure. Subsequent findings revealed that Soni transferred $41.35 million to an unknown cryptocurrency wallet just days before disappearing - a transaction now central to the investigation.

Investigators and Indian media reports now estimate the scale of the fraud at around Rs 1,500 crore, or approximately Dh612 million, though police say the figure could rise further as more complainants come forward globally.

Soni was arrested on November 30 last year after Kanpur Police traced a food-delivery order placed from his hideout in Dehradun, in the Himalayan foothills of northern India.

Vishwakarma said extended custody and digital verification will be crucial to tracing the missing funds and identifying overseas links.