Dubai Investment Scam: Indian-Origin Owner Arrested in Kanpur After 18-Month Manhunt
Image Source: Internet
In a major breakthrough, Indian-origin Ravindra Nath Soni, the key accused in the UAE's largest investment fraud, has been arrested by the Kanpur police in Dehradun, Uttarakhand. Soni, 44, is the owner of Dubai-based BlueChip Group, which promised investors guaranteed 3% monthly returns on a minimum investment of $10,000, locked in for 18 months. The scam, which collapsed in 2024, left many investors, including Indian expats, facing losses estimated at Dh367 million ($100 million). An arrest warrant was issued against Soni after he allegedly failed to repay Dh10.05 million to a cheque-holder. Soni has a long history of fraud, with three prior cases registered against him, including a "double-your-money" scheme in 2022. He was also ordered to repay Dh2.05 million to another victim in 2023. The police investigation will now follow the money trail and seize all bank accounts and assets linked to Soni. A reward of ₹10,000 was announced for any information leading to his arrest. The arrest comes after an 18-month international hunt, with the police finally tracking him down in Dehradun.
