Arrest warrant issued against missing BlueChip owner for failing to pay court-ordered Dh10 million

Soni BlueChip

An arrest warrant has been issued for Ravinder Nath Soni, the owner of BlueChip, after he failed to pay Dh10.05 million as ordered by the Dubai Court of First Instance. The court had given Soni a one-week deadline to settle the amount either by paying the cheque execution applicant or by depositing the sum into the court treasury by June 3. This warrant was issued on June 12, coinciding with Soni’s 42nd birthday as per his passport details.

Originally from Delhi, India, Soni has been at the center of a comprehensive investigation regarding the alleged embezzlement of millions of dollars from investors. His last known contact was nearly a month ago, according to the company’s public relations officer, Sandeep Raj. Raj mentioned that he last saw Soni about four weeks ago when Soni expressed his intention to remove his name from a trade license.

Operating out of the Al Jawhara Building in Bur Dubai, the BlueChip group managed multiple investment companies. These companies came into the limelight following an endorsement by Bollywood actor Sonu Sood. Under Soni’s leadership, the group claimed to manage a $70-million portfolio and serve over 700 clients, primarily UAE residents. Investors were promised monthly returns of three percent on a minimum investment of $10,000, secured for 18 months. However, the scheme began to unravel in March this year when the company suddenly stopped payouts, leaving investors with bounced cheques and unanswered queries.

The total losses faced by BlueChip investors are still unknown, but insiders estimate the figure could exceed $100 million. Investigations have revealed that Soni was involved in several fraudulent enterprises. He faces multiple charges in India, including fraud, forgery, breach of trust, and criminal intimidation. Court and police records indicate that Soni was arrested in India in 2022 for operating 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. Additionally, a police complaint from 2019 in Panipat, Haryana, accuses Soni of deceiving an investor and threatening him with death when he demanded his money back.

Soni’s previous activities in Dubai include managing Acme Management Consultancy and its sister company, Acme Global General Trading, between 2018 and 2020. These firms, also located in the Al Jawhara Building, Bur Dubai, engaged in similar schemes, allegedly collecting millions of dirhams for forex trading and resulting in substantial losses for investors. Among the affected was Dubai resident Priti Rakesh Phillips, who, along with her family and friends, suffered losses amounting to over Dh39 million, according to court records.

In a recent development, it has been revealed that MetaQuotes, a Cyprus-based software solutions provider for financial markets, terminated its agreement with BlueChip in May 2023. An email from MetaQuotes to BlueChip, seen by Khaleej Times, cited "fraudulent practices" and a breach of contract due to "failure to abide by regulations" as the reasons for the termination.

This isn’t the first legal trouble Soni has faced in Dubai. Last year, a court ordered him to pay Dh2.05 million to another investor. With his whereabouts currently unknown, the arrest warrant adds another layer to the ongoing saga surrounding Soni and his alleged financial misconduct. The situation continues to unfold as authorities pursue further legal actions to address the grievances of the numerous investors affected by the BlueChip scandal.