Indian police have issued a strong warning to victims of the BlueChip investment scam, urging them to exercise extreme caution. This follows the emergence of fake lawyers and self-proclaimed recovery agents attempting to exploit investors desperate to reclaim their lost funds.
In an interview with Khaleej Times, Anjali Vishwakarma, Additional Deputy Commissioner of Police and head of the Special Investigation Team (SIT) investigating this massive fraud, revealed that individuals with questionable backgrounds are contacting victims in India. They claim they can expedite refunds or secure court-ordered recoveries for upfront payments.
Vishwakarma stressed, “These individuals have no authority to represent the police or any court. Some even take photos with senior Indian police officers to appear credible. Victims should not give money to anyone claiming to recover their funds.”
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She noted that the SIT has encountered cases where BlueChip victims paid these fraudsters after being promised access to frozen assets or confidential case updates. “We urge people to verify credentials directly with the police. Do not trust anyone offering shortcuts,” she added.
Photo: Anjali Vishwakarma, head of Special Investigations Team, probing the BlueChip scam
This warning echoes a similar scam reported by Khaleej Times in December 2024, when BlueChip victims in Dubai were deceived by impostors posing as Interpol, CID, and Dubai Courts officials. These fraudsters conducted staged meetings, issued fake legal documents, and extracted over Dh3 million from investors by promising swift payouts.
Vishwakarma noted that the current impersonators seem to be taking advantage of the increasing number of complaints filed in India and the UAE following the arrest of BlueChip founder Ravindra Nath Soni.
Soni, also wanted in Dubai for cheque defaults and investor complaints, was arrested on November 30 after police traced a food-delivery order to his hideout in Dehradun. He is currently in remand and undergoing interrogation.
During questioning, Soni attempted to downplay his operations, claiming he “ran a kachodi (Indian snack) shop to feed his family”—a claim dismissed by investigators and victims.
Notices served
According to Kanpur Police, the SIT has traced multiple assets in India and the UAE linked to the scam.
Police have also issued notices to several individuals associated with BlueChip promotions, including Bollywood actor Sonu Sood and wrestler The Great Khali, as part of the ongoing investigation into the company’s public-facing strategy. Officers clarified that these notices do not imply wrongdoing but are part of standard investigative procedures.
Vishwakarma reiterated her warning to victims in both India and the UAE: “Please do not fall prey to anyone offering quick recoveries. Do not transfer money, sign documents, or share personal information without verifying with us. We have received complaints of people being approached again. We urge everyone to remain vigilant.”
