Dubai Court Mandates Dh10M Payment from BlueChip Owner in 7 Days

asmaa - | Arab News

The Dubai Court of First Instance has issued a seven-day deadline for BlueChip owner Ravinder Nath Soni to pay Dh10.05 million to either a person seeking a check execution or the court treasury. The court has issued a warning that he would face legal consequences if he does not cooperate.

Legal Action Against BlueChip Owner

The Dubai Court of First Instance has directed BlueChip owner Ravinder Nath Soni to pay Dh10.05 million to a check execution applicant or the court treasury within seven days, warning of potential legal repercussions for non-compliance.

Allegations and investigations

Soni, whose current whereabouts remain undisclosed, is under extensive investigation for purportedly absconding with significant sums of investors' funds. The company’s PRO, Sandeep Raj, acknowledged a lack of communication from Soni in recent weeks.

This recent court order, issued on Monday, May 27, echoes a similar incident from last year when Soni was instructed by Dubai Courts to remit Dh2.05 million to another investor, Surendra Madhukar, as advertised in a local newspaper on May 17, 2023.

Investigations have uncovered Soni's involvement in several fraudulent enterprises, resulting in allegations of fraud, forgery, breach of trust, and criminal intimidation in India. Records from court and police sources reveal Soni's arrest in India in 2022 for orchestrating a fraudulent investment scheme promising doubled returns. He was subsequently released on bail by a court in Aligarh, Uttar Pradesh, alongside a co-defendant. Another police complaint from 2019 in Panipat, Haryana, accuses Soni of defrauding an investor and making death threats when asked for a refund.

Previous inquiries have identified Soni's managerial positions at Acme Management Consultancy and its affiliate, Acme Global General Trading, between 2018 and 2020. These companies, operating from the same location as BlueChip in the Al Jawhara building in Bur Dubai, engaged in comparable schemes, attracting substantial investments for forex trading and ultimately resulting in considerable losses for investors. Among those affected were Dubai resident Priti Rakesh Phillips and her associates, who collectively suffered losses amounting to Dh39 million with Acme.

Sundernath Dash, owner of Acme, escaped the United Arab Emirates after the Dubai Public Prosecution filed an international arrest notice for him.

Additionally, an assistant manager, George Veliyath, has been prohibited from certain activities and directed to pay Dh11.3 million and Dh27.8 million to a company owned by Priti's family.

Although experts think that the losses suffered by BlueChip investors might exceed $100 million, the exact amount is yet unknown. Earlier this week, an ex-colleague of BlueChip's claimed that on May 16, the cryptocurrency firm sent $41.35 million to an anonymous wallet.

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