BlueChip owner Ravinder Nath Soni has been directed by the Dubai Court of First Instance to pay Dh10.05m to a cheque execution applicant or the court treasury within 7 days. The court has warned that failure to comply will lead to legal action being taken against him.
Soni, whose location is not known, is being investigated for allegedly absconding with investors’ money amounting to millions. “We haven’t heard from him in weeks,” said the company’s PRO, Sandeep Raj.
The court order published on Monday, 27th May, 2013, is similar to a similar case in which Dubai Courts published a notice in a local newspaper on 17th May, 2013 ordering Soni to pay Dh2.05 million to another investor, Surendra Madhukar.
These investigations reveal that Soni was involved in several fraudulent activities. He stands accused of fraud, forgery, breach of trust, and criminal intimidation in India. Documents procured from the Indian court and police reveal that Soni was arrested in 2022 for engaging in a Ponzi scheme for investment that promised to double investors’ money. Both he and another accused were let off on bail by the court in Aligarh, Uttar Pradesh. Another police complaint was lodged in Panipat in Haryana in 2019, wherein Soni is accused of cheating an investor and assaulting him and threatening him with death when the former demanded his money back.
Previous searches revealed that Soni was a manager at Acme Management Consultancy and Acme Global General Trading, which are related companies, within the time frame of 2018 to 2020. These firms which provided services from the office housed in Al Jawhara building, Bur Dubai as BlueChip specialized in similar schemes that purported to earn millions of dirhams through forex trading while in actual sense defrauding investors.
The Dubai Public Prosecution has also sought an arrest warrant against fugitive director Sundernath Dash of the company, Acme.
Furthermore, assistant manager, George Veliyath, has been barred from trading and while Priti has been ordered to pay Dh11.3 million to the company, the latter has to pay Dh27.8 million to a company owned by her family.
Initially, Blue Chip only operated as a commercial broker; however, in the following years, it expanded into higher-risk sectors.
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Investors who invested in BlueChip have not yet accessed the full amount that they lost with the firm, although there is evidence that the lost capital might be more than $100 million as per insiders. First commercialized through an endorsement by Bombay actor Sonu Sood, BlueChip soon listed its portfolio at $70 million under Soni’s ownership and served more than 700 clients as mentioned on the website. More people have come forward with their fraud experiences, saying they invested Dh100,000 to Dh10 million of their money, now in turmoil.
