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Dubai Court of First Instance Orders BlueChip Owner to Pay Dh10 Million Within 7 Days

Legal action will be taken against him if he fails to comply, warns the court

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Staff Writer, TLR

Published on May 29, 2024, 12:23:37

181

bluechip company, dubai court of first instance, cheque execution, financial fraud

 

The owner of the dodgy BlueChip company has been ordered by the Dubai Court of First Instance to pay Dh10.05 million to a cheque execution applicant or the court treasury within seven days.

If he fails to comply, legal action will be taken against him, the court has warned. The owner, whose current location is unknown, is under extensive investigation after allegedly absconding with millions of investors' funds.

The court order, issued on May 27, follows a similar instance from last year. On May 17, 2023, the Dubai Courts published a notice in a local newspaper, ordering the BlueChip owner to pay Dh2.05 million to another investor.

Recently, a number of UAE investors received a shock when the Blue Chip Group, a company they trusted, abruptly stopped returning their investments. The office where they once went for inquiries is now empty, and the owner and staff are nowhere to be found.

With millions of dollars at stake, investors are deeply concerned about recovering their money. Even Bollywood actor Sonu Sood, who had appeared at one of their events, has clarified that he is not involved with the company.

While cases of financial fraud like the one involving the BlueChip are distressing for investors, the UAE's robust legal framework offers avenues for recourse and justice. By seeking legal guidance and taking proactive steps to assert their rights, investors can navigate these challenging situations and pursue legal action.

For any enquiries or information, contact ask@tlr.ae or call us on +971 52 644 3004Follow The Law Reporters on WhatsApp Channels.

 

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