Indian authorities have apprehended Ravindra Nath Soni, the elusive mastermind responsible for orchestrating one of the United Arab Emirates’ most substantial investment fraud schemes. The 44-year-old founder of Dubai-based BlueChip Group was captured on November 30, 2025, in Dehradun, Uttarakhand, concluding an intensive 18-month international manhunt.
Kanpur police confirmed the arrest following coordinated technical surveillance and human intelligence operations. Additional Deputy Commissioner of Police Anjali Vishwakarma characterized the detention as a “significant breakthrough” in the extensive financial crime investigation. Indian media reports indicate a reward of Rs10,000 had been offered for information leading to Soni’s capture.
The BlueChip Group collapse, initially exposed by Khaleej Times in June 2024, represents a sophisticated Ponzi scheme that targeted predominantly Indian expatriates in the UAE. Operating from the Al Jawhara Building in Bur Dubai, the enterprise promised investors guaranteed monthly returns of 3% (equivalent to 36% annually) on minimum investments of $10,000 locked for 18-month periods.
The elaborate fraud unraveled in March 2024 when payments abruptly ceased, leaving hundreds of investors facing collective losses exceeding $100 million (Dh367 million). Victims received dishonored checks while the company’s offices were abandoned overnight, with Soni and senior staff members vanishing simultaneously.
Investigation findings reveal BlueChip as merely the latest in a series of fraudulent ventures operated by Soni from identical Bur Dubai premises. Between 2018-2020, he previously managed Acme Management Consultancy and Acme Global General Trading, both entities similarly disappearing after allegedly appropriating millions in investor funds.
Court documents indicate Soni faces multiple existing fraud charges across jurisdictions. A Dubai court had previously issued an arrest warrant in June 2024 for his failure to repay Dh10.05 million to a check-holder. Additionally, he was ordered by Dubai courts in 2023 to compensate another victim with Dh2.05 million.
In India, Soni was arrested in 2022 in Aligarh for operating a “double-your-money” scheme and faces separate charges in Panipat, Haryana, for fraud and criminal intimidation. Financial forensic investigations disclosed that BlueChip transferred $41.35 million to an unidentified cryptocurrency wallet shortly before the operation collapsed.
International business partners had previously dissociated from Soni’s operations, with Cyprus-based trading platform provider MetaQuotes terminating its agreement with BlueChip in 2023 citing “fraudulent practices.” Authorities are currently tracing financial pathways and seizing bank accounts and assets connected to the accused.
Affected investors expressed cautious relief at the development, with one Dubai-based victim who lost Dh1.2 million noting: “This is a big relief, but the fight is not over until we recover our money.”