Indian authorities are intensifying their investigation into the massive BlueChip financial scam that defrauded hundreds of UAE residents, with investigators now seeking extended custody of founder Ravindra Nath Soni. The breakthrough came after forensic experts extracted approximately 22GB of crucial digital evidence from Soni’s mobile device, revealing detailed property records, bank account information, and suspected cryptocurrency transactions.
Kanpur Additional Deputy Commissioner of Police Anjali Vishwakarma, leading the Special Investigation Team, confirmed to Khaleej Times that the recovered data includes wallet screenshots, transaction histories, and encrypted communications vital to mapping the complete money trail. “We have recovered important digital material from the phone, including evidence linked to assets, financial accounts and cryptocurrency-related trails,” Vishwakarma stated.
The investigation has revealed that just before the company’s abrupt collapse in March 2024, Soni transferred approximately $41.35 million to an unidentified cryptocurrency wallet. Current estimates place the total fraud at around Rs 1,500 crore (approximately Dh612 million), though authorities acknowledge this figure may increase as more international victims come forward.
BlueChip, which operated from Bur Dubai, had promised investors monthly returns of about 3% before ceasing operations overnight. The company’s sudden closure was first reported by Khaleej Times, triggering a cross-border investigation that has since registered 24 formal cases, many initiated by UAE-based investors who traveled to India to provide statements.
Soni was apprehended on November 30, 2025, after police tracked a food delivery order to his hideout in Dehradun, located in the Himalayan foothills of northern India. Despite the mounting evidence, Soni continues to maintain his innocence according to investigating officials.
The Special Investigation Team is now pursuing at least an additional week of custodial interrogation to unravel the complex transaction structures and identify overseas connections. Investigators have also discovered several new phone numbers during their analysis, which are currently being verified as part of the expanding international probe.