Warrant Issued for Missing BlueChip Owner Over Unpaid Court-Ordered Dh10 Million

An arrest warrant has been issued for Ravinder Nath Soni, owner of BlueChip, after he failed to pay Dh10.05 million within the one-week deadline set by the Dubai Court of First Instance.

Last week, the court ordered Soni to settle the amount with a cheque execution applicant or deposit it into the court treasury by June 3. The court's warning of impending legal action has now resulted in the issuance of the arrest warrant.

Originally from Delhi, India, Ravinder Nath Soni has been a central figure in an extensive investigation concerning the alleged misappropriation of millions of investors' funds.
Operating from the Al Jawhara Building in Bur Dubai, the BlueChip group ran multiple investment companies. It gained significant attention after an endorsement by Bollywood actor Sonu Sood. Under Ravinder Nath Soni's ownership, the group claimed a $70-million portfolio and served over 700 clients, mostly UAE residents.

They promised investors three per cent monthly returns on a minimum investment of $10,000, secured for 18 months. However, this offer unravelled in March this year when payouts stopped without warning, leaving investors with bounced cheques and unanswered questions.

The full extent of losses incurred by BlueChip investors remains undetermined, though company insiders suggest the amount could exceed $100 million. Investigations reveal that Soni was involved in multiple fraudulent enterprises.

He faces charges of fraud, forgery, breach of trust, and criminal intimidation in India. Court and police records show that Soni was arrested in India in 2022 for running a fraudulent investment scheme that promised to double investors' money.

He was released on bail by a court in Aligarh, Uttar Pradesh, along with a co-accused. Another police complaint, dating back to 2019 in Panipat, Haryana, accuses Soni of deceiving an investor and threatening him with death when he demanded his money back.

Prior investigations uncovered Soni's role as a manager at Dubai-based Acme Management Consultancy and its sister concern, Acme Global General Trading, between 2018 and 2020.

These firms, which operated from the same premises as BlueChip in the Al Jawhara Building, Bur Dubai, engaged in similar schemes, allegedly soliciting millions of dirhams for forex trading, resulting in substantial losses for investors.

Among those affected was Priti Rakesh Phillips, a Dubai resident, along with her family and friends, who suffered losses totalling over Dh39 million, court records show.
Last year, a Dubai court ordered Soni to pay Dh2.05 million to another investor.

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