Delhi: Ravindra Nath Soni, a Delhi-based MBA who relocated to Dubai in 2010, is accused of running a massive Rs 1,000 crore investment fraud through his company, the BlueChip Group. BlueChip, which started in 2021, allegedly lured investors from India, the UAE, Canada, Malaysia, and Japan by promising high returns through fake trading and commodities like gold, oil, and metals.

However, the company collapsed suddenly last year, revealing a global investment scam that duped investors from India and abroad.

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How Delhi-Based MBA Lured Global Investors?

According to a report by The Indian Express, Ravindra Nath Soni and his associates set up at least 20 companies to lure investors from India and abroad with the promise of doubling their money within three to four years. The companies convinced the investors to put in Rs 10 lakh to Rs 10 crore by guaranteeing high returns on investments.

Soni and his associates paid out interest on time to build trust. However, once the scam peaked, payments were delayed and then abruptly cut off. The company’s offices were shut, and the group deactivated all websites and contact channels, leaving victims with no means of recovery.

From Dubai Travel Ban To Food Delivery Order: How Was Soni Caught?

After the massive fraud was uncovered, Soni was placed under a travel ban in Dubai. However, he managed to escape and enter India via Oman in August. After nearly a year on the run, he was caught on November 30 when the Kanpur Police tracked a food delivery order he placed from a hideout in Dehradun.

He was arrested in connection with a 2022 cheating case involving a Delhi resident and his son, who were allegedly duped of over Rs 40 lakh.

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Investigation So Far

Soni was sent to police custody following his arrest. In just two weeks after Soni's arrest, 12 FIRs were registered in Kanpur by victims from various states, including Kerala, Haryana, Rajasthan, and Gujarat. Investigators have already identified assets worth approximately Rs 29 crore, including properties in Noida, Delhi, and Dehradun.

Authorities have traced 33 bank accounts linked to Soni, his family, and associates, all of which are currently under scrutiny. Further investigation is underway.