Kanpur police have finally arrested the 44-year-old Ravindra Nath Soni, popularly known as Dubai Ponzi Kingpin, in a breakthrough with global implications. However, he is the alleged mastermind behind one of the biggest investment scams in the UAE.
Moreover, he is the owner of Dubai-based BlueChip Group. In addition, he is accused of planning a sophisticated ₹970 crore ($100 M+) Ponzi Kingpin scheme that defrauded hundreds of investors worldwide, including many Indian expats in Dubai.
His arrest in Dehradun came after an 18-month international manhunt. In addition, it has exposed the scale of a cross-border financial crime involving hawala routes, crypto laundering, shell companies and global collaborators.
How Kanpur Police Cracked the ₹970 Crore Scam
Soni had disappeared along with his senior staff in March 2024. However, he lived in hiding for months. According to Kanpur police officials, it was a food delivery order placed from his Uttarakhand hideout that finally revealed his location.
Kanpur ADCP (Law & Order) Anjali Vishwakarma confirmed, “He was caught through the food delivery order… This is a big catch.”
Soni was taken into custody on the 30th of November, which ended a hunt spanning India, the UAE, and many other jurisdictions.
How does the Dubai Ponzi Kingpin create a Scam?
Investigators had revealed earlier that Soni previously worked in the financial sector. Hence, he allegedly used his finance experience to develop a high-trust investment scheme for the Dubai ₹970 Crore scam. So, the scheme targeted Indians and foreign nationals across Dubai, Australia, Malaysia, the US and France. Below are the details related to his Dubai setup:
- Soni opened his flagship BlueChip office in Bur Dubai’s Al Jawhara Building.
- He promised 3% monthly (36% annual) guaranteed returns
- Minimum investment: USD 10,000, locked for 18 months
- Claimed expertise in forex trading and global markets
Dubai company of Dubai Ponzi Kingpin also launched aggressive marketing campaigns that ran online trading networks and used personal networks to attract investors.
Initial Returns to Build Trust
Similar to classic Ponzi operations, BlueChip performed the following tasks:
- Paid small, timely returns in the beginning
- Created an illusion of successful trading
- Encouraged larger deposits — often people’s entire savings
Indian expats invested lakhs to crores in many cases by believing the scheme of Dubai Ponzi Kingpin was real.
The Collapse: Dubai Office Shut Overnight
The Ponzi scam got noticed in March 2024 when the monthly payout stopped, cheques began bouncing, and all communication channels disappeared. On top of that, the Dubai office of Bluechiip was also abandoned overnight. All these factors raised concerns about the Dubai ₹970 Crore.
After that, investors immediately filed FIRs in Dubai. Similarly, the Kanpur Police also received many complaints from Indian victims.
What Investigations Have Uncovered So Far
Police have also frozen a bank account worth ₹1 crore. However, the digital trails are significantly more complex. You can find the details related to that trail below about Dubai ₹970 Crore scam:
- Funds moved through crypto mixers
- Multiple private wallets and decentralised exchanges
- Transactions are layered across several countries
- Hawala channels are used to shift large sums anonymously
A specialised cyber-forensic team is working to map the full financial footprints.
Number of Victims May Exceed 500
Victims from the UAE, Japan, Australia, Malaysia and India are now arriving in Kanpur with documents and transaction records. Therefore, the officials have the following findings about Dubai ₹970 Crore scam:
- Actual fraud amount may exceed ₹970 crore
- New complainants are emerging daily
- Some investors lost over ₹4 crore each
12 Shell Companies & International Links
Soni has floated around 12 shell firms, including BlueChip Trading, to route money throughout the world. Kanpur Police Commissioner Raghubir Lal has confirmed the following details about Dubai ₹970 Crore scam:
- Over 400–500 investors were cheated
- Money moved to crypto wallets, personal accounts and offshore routes
- 12 foreign-based associates identified
- National security concerns are being examined due to anonymous fund flows
Custody Remand Expected to Unmask the Network
Police believe that Soni had a large support system involving Hawali operators, crypto intermediaries, digital marketers, document-forgery agents, and international collaborators. Hence, his custody remand is expected to reveal the details related to financial handlers and technical partners in Dubai ₹970 Crore scam.
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