An arrest warrant has been issued for Ravinder Nath Soni, the owner of BlueChip, after he failed to meet the Dubai Court of First Instance's deadline to pay Dh10.05 million within one week.
Arrest Warrant Issued for BlueChip Owner
The warrant was issued today, June 12, just a day after Soni's 42nd birthday, as indicated by the date in his passport.
The court had previously ordered Soni to either pay the money to the person who applied for the execution of the check or put it into the court treasury no later than June 3. After being warned of imminent legal action, the court issued an arrest warrant for noncompliance.
Originally from Delhi, India, Ravinder Nath Soni has been at the center of a widespread investigation into the alleged misappropriation of millions of investors' funds. Sandeep Raj, the company's public relations officer, confirmed that Soni has been out of contact for nearly a month.
"About four weeks ago, we had our last conversation, and he brought up the idea of having his name removed from a business license." Raj stated. Operating from the Al Jawhara Building in Bur Dubai, the BlueChip group managed multiple investment companies, gaining attention after an endorsement by Bollywood actor Sonu Sood. Under Soni's ownership, the group claimed a $70-million portfolio and served over 700 clients, mainly UAE residents.
Investors were promised three percent monthly returns on a minimum investment of $10,000, secured for 18 months. However, this offer collapsed in March this year when payouts ceased abruptly, leaving investors with bounced checks and unanswered inquiries. The exact extent of losses incurred by BlueChip investors remains uncertain, although company insiders suggest the amount could exceed $100 million.
Legal Troubles and Previous Investigations
Investigations have revealed Soni's involvement in numerous fraudulent enterprises. He faces charges of fraud, forgery, breach of trust, and criminal intimidation in India.
According to the records that were retrieved from the Indian courts and police, Soni was arrested in 2022 for running a fraudulent investment scheme that promised to double the money of his investors. In Aligarh, Uttar Pradesh, a court granted him bail. In a separate 2019 police complaint from Panipat, Haryana, Soni is accused of threatening a man with death after he requested his money back after Soni deceived an investor.
Between 2018 and 2020, Soni was a manager at Acme Global General Trading and Acme Management Consultancy, both located in Dubai, according to previous investigations. These companies allegedly recruited millions of dirhams for foreign exchange trading out of the same Al Jawhara Building, Bur Dubai, where BlueChip is located, leading to huge losses for those who invested.
Soni was ordered by a Dubai court last year to reimburse another investor Dh2.05 million. A separate piece of information has emerged: in May 2023, the agreement between BlueChip and MetaQuotes, a software solutions provider for financial markets based in Cyprus, was canceled. The explanation for termination provided by MetaQuotes in their email to BlueChip included "fraudulent practices" and "failure to abide by regulations" as grounds for the termination.
