Investors from the UAE, entangled in the massive BlueChip financial scandal, are traveling to India to file complaints, aiming to strengthen the case against the detained founder, Ravindra Nath Soni, who is currently held by Kanpur Police.
One of the latest arrivals on Thursday morning was Dilip Kumar Lilaramani, a Dubai travel agency owner, who claims to have lost Dh1.2 million.
Speaking to Khaleej Times while en route from Lucknow to Kanpur—a journey of 80 kilometers—Lilaramani explained his decision to travel despite the peak season for his business.
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“I trusted BlueChip and invested Dh1.2 million after being approached by a female employee,” he stated. “The scheme collapsed within months. Although this is my busiest period in Dubai, recovering my money is a priority.”
Kanpur Police reported that the woman, a former Dubai-based BlueChip employee who contacted him, is now wanted for questioning. Investigators suspect her US-registered company received funds linked to Soni. Notices have been sent, but she has not responded.
Joining Lilaramani was Abdul Kareem, whose complaint in January initiated the police investigation. Kareem mentioned Soni initially minimized his involvement when apprehended.
“He told the police he ran a ‘kachodi shop to support his family’,” Kareem said. “Yet, he owes substantial amounts to people like me. I am grateful that action is finally being taken.”
‘More Investors Expected’
At least six UAE investors have traveled to India recently to file complaints, and Kanpur Police anticipate more expatriates arriving soon.
Soni, wanted in Dubai for check defaults and investor complaints, was captured on November 30 after Kanpur Police tracked a food-delivery order to his Dehradun hideout. He is on a six-day remand and will be taken to Delhi and Dehradun for evidence recovery, including documents, devices, and financial records.
Kanpur Police Commissioner Raghuveer Lal Singh noted that investigators have identified 26 Indian bank accounts, eight cryptocurrency wallets, and around 20 companies linked to Soni, four of which are inactive. Initial estimates put the fraud at Rs9.7 billion (approximately Dh400 million), but this figure is expected to increase as more victims come forward. Over 700 emails have been received from global victims, including UAE residents, according to Indian police.
Notices have also been issued to Bollywood actor Sonu Sood and former WWE wrestler The Great Khali, requesting their participation in the investigation. The police are investigating whether any promotional engagements or endorsements were under formal contracts.
BlueChip abruptly collapsed in March 2024 after promising investors a three percent monthly return. Khaleej Times initially reported the closure and later uncovered that Soni transferred $41.35 million to an unknown cryptocurrency wallet days before his disappearance—a key finding in the Indian investigation.
