Ravindra Nath Soni, the Indian-origin owner of Dubai’s BlueChip Group and the main figure in a major UAE investment fraud, has been captured in India after an 18-month international pursuit.
Kanpur police announced on Monday that Soni, 44, was apprehended on November 30, 2025, in Dehradun, Uttarakhand, where he had been in hiding. A reward of Rs 10,000 had been offered for information leading to his capture.
At a press conference, Additional Deputy Commissioner of Police (ADCP) Law & Order, Kanpur Nagar, Anjali Vishwakarma (IPS), called the arrest a “major success.” She explained that a special team located Soni through technical and human intelligence, ultimately raiding his hideout in Dehradun and bringing him to Kanpur.
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“Soni deceived numerous victims by promising high monthly returns through his Dubai-based company BlueChip. He has a long criminal history with three previous fraud cases against him. We are tracing the money trail and will seize all related bank accounts and assets,” Vishwakarma stated.
Footage on local television showed Soni flanked by two police officers as he was presented to the media.
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This arrest follows more than a year after Khaleej Times uncovered the BlueChip collapse in investigative reports starting in June 2024. An arrest warrant was issued against Soni by the Dubai Court of First Instance for failing to repay Dh10.05 million to a cheque-holder.
BlueChip, based in the Al Jawhara Building in Bur Dubai, promised investors a 3% monthly return (36% annually) on a minimum $10,000 investment for 18 months. The scheme fell apart in March 2024 when payments stopped, leaving hundreds in the UAE, many Indian expats, with losses over $100 million (Dh367 million).
Investors received bounced cheques, the office was abandoned, and Soni disappeared with senior staff.
Investigations by Khaleej Times revealed that BlueChip was one of several fraudulent operations Soni ran from the same Bur Dubai location. Between 2018 and 2020, he operated Acme Management Consultancy and Acme Global General Trading, which vanished after allegedly misappropriating millions.
Court records show Soni was ordered by a Dubai court in 2023 to repay Dh2.05 million to another victim. He was arrested in India in 2022 in Aligarh for a “double-your-money” scheme and faces separate charges in Panipat, Haryana, for fraud and criminal intimidation.
In May 2024, Khaleej Times reported that BlueChip transferred $41.35 million to an unknown cryptocurrency wallet just before shutting down. Cyprus-based MetaQuotes terminated its agreement with BlueChip in 2023 due to “fraudulent practices.”
“This is a relief, but the fight isn’t over until we recover our money,” said a Dubai-based investor who lost Dh1.2 million.
