Vanished BlueChip Owner and Scamster Fined AED 10 Million
The corporate criminal has 7 days to meet this demand by UAE authorities.
A Dubai court has slapped the owner of the notorious BlueChip investment firm with a fine of AED 10.05 Million (USD 273,000) for defrauding clients out of millions. The court warns that if Ravinder Nath Soni fails to put up this money by June 3, it will initiate legal action against the errant honcho. However, the big question is how will the authorities recover such a fine from him when he and most of his team have disappeared into thin air!
Indeed, for over two weeks now, BlueChip’s Dubai office on the third floor of the Al Jawhara Building has been completely vacated. Even the company’s Public Relations Officer Sandeep Raj doesn’t have an inkling as to whereabouts of his boss and co-workers. While it is estimated that Soni and Co. have made off with about USD 100 Million, on Monday, May 27th a former associate claims a little less than half that amount has been transferred to an unknown crypto wallet.
Soni has a lot to answer for. In addition his recent transgressions in Dubai, the corporate conman is up against charges of forgery, breach of trust, criminal intimidation and fraud in India. He was briefly arrested in 2022 and released on bail by Aligarh Court in the northern Indian state of Uttar Pradesh. Between 2018 and 2020, Soni functioned as manager of other investment firms of dubious reputation. Yes, as MD of Acme Management Consultancy and Acme Global General Trading, Soni lured unsuspecting investors with irresistible offers to then cheat them out of large amounts.
Soni used the same tactics after launching BlueChip tokens in Dubai in July 2022. The firm boasted an attractive portfolio of USD 70 Million with 700 clients, who invested across sectors like real estate, gold mining, crypto currency and the equity market. Soni’s cronies promised their clients a 3 per cent monthly return on depositing USD 10,000 for a lock-in period of a year-and-a-half. It sounds too good to be true, right? That’s exactly what it was. Now, it looks like Soni has joined his former partner-in-crime – Acme owner Sundernath Dash – in evading the Law. But for how long can this game of hide-and-seek last?
