[Editor's Note: Bluechip Computer Systems LLC and Bluechip Real Estate Brokers are not associated with the BlueChip Group mentioned in the article.]BlueChip owner Ravinder Nath Soni has been instructed by the Dubai Court of First Instance to pay Dh10.05 million to a cheque execution applicant or the court treasury within seven days. Failure to comply will result in legal action. Soni's whereabouts are unknown and he is being investigated for allegedly disappearing with millions of investors' funds. The company’s PRO, Sandeep Raj, confirmed that they haven't had any communication with him for weeks.
The recent court order, dated May 27, is in response to a previous instance from last year when Soni was directed to pay Dh2.05 million to another investor, Surendra Madhukar, as published in a local newspaper notice on May 17, 2023.
Investigations have uncovered Soni's involvement in multiple fraudulent activities, including fraud, forgery, breach of trust, and criminal intimidation in India. Records obtained from court and police sources show that he was arrested in 2022 for running an investment scam, and in 2019 for deceiving an investor and making death threats.
Prior inquiries revealed Soni's role as a manager at Acme Management Consultancy and Acme Global General Trading, which operated from the same premises as BlueChip. These firms solicited millions of dirhams for forex trading, resulting in substantial losses for investors, including a Dubai resident and her family and friends whose losses totalled Dh39 million with Acme.
The full extent of losses incurred by investors with BlueChip is yet to be determined, but some insiders indicate it could exceed $100 million. A former associate alleged that $41.35 million was transferred to an unknown crypto wallet on May 16. However, this claim could not be independently verified by Khaleej Times.
Under Soni's ownership, BlueChip, initially endorsed by Bollywood actor Sonu Sood, attracted over 700 clients and claimed to have a $70-million portfolio. It promised a three per cent monthly return on investments, but payouts stopped in March, leaving investors to deal with bounced cheques and unanswered queries. Following Khaleej Times' exposé, more individuals have come forward, reporting investments ranging from Dh100,000 to Dh10 million, now at risk.
