Dubai expat reveals BlueChip owner used another firm to scam investors

Dubai expat

In a shocking revelation, a Dubai expat has exposed a dubious connection between the controversial BlueChip group and another fraudulent enterprise, Acme Management Consultancy. According to documents from the Dubai Court and investigations conducted by Khaleej Times, both companies engaged in similar fraudulent activities, soliciting millions of dirhams from investors under false pretenses.

Office number 308 in the Al Jawhara building, currently occupied by BlueChip Financing Broker, was previously the location of Acme four years ago. This discovery has raised concerns about the extent of the alleged scam, with both firms accused of deceiving investors and leaving them with significant financial losses.

The missing owner of BlueChip Group, Ravinder Nath Soni, was reportedly also involved in managing Acme Management Consultancy and its sister company, Acme Global General Trading, between 2018 and 2020. Investigations have revealed that investors in both companies suffered substantial losses, with some individuals claiming to have lost millions of dirhams.

One victim, Priti Rakesh Phillips, shared her harrowing experience of losing Dh39 million along with her family and friends. Legal action taken by Phillips led to an international arrest warrant being issued for Sundernath Dash, the owner of Acme, who fled the UAE in November 2020. Additionally, a ban was imposed on assistant manager George Veliyath, who has been ordered to pay substantial sums to Phillips and her family-owned company.

Photographs provided by Phillips depict her interactions with Ravinder Soni at Acme's office in the Al Jawhara Building, further corroborating her claims. Despite not being listed on official documents, Soni was allegedly the public face of Acme and is now accused of employing similar tactics at BlueChip, leading to further financial losses for investors.

Another investor, identified as A.G., recounted losing over Dh500,000 to Acme and expressed shock at the striking similarities between the two scams. Both companies operated from the same office and were allegedly promoted by Soni, raising concerns about a pattern of fraudulent behavior.

Since the revelations about BlueChip came to light, numerous investors have come forward with similar stories of financial losses and unfulfilled promises. The situation has left many individuals in dire financial straits, with some facing challenges in securing new employment due to the negative publicity surrounding BlueChip.

The unfolding scandal has underscored the need for greater scrutiny and oversight in the investment sector to protect investors from falling victim to fraudulent schemes. Authorities are urged to take swift action to hold accountable those responsible for perpetrating financial fraud and to provide justice and restitution to the victims affected by these scams.