Arrest Warrant Issued for BlueChip Owner Ravinder Nath Soni
- Publish date: Wednesday، 12 June 2024
Soni failed to pay AED 10.5 million within the one-week deadline set by the Dubai Court of First Instance.
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An arrest warrant was issued for BlueChip's owner Ravinder Nath Soni after he failed to pay AED 10.5 million within the one-week deadline that the Dubai Court of First Instance set.
The Dubai Court directed Soni to settle the amount with a cheque execution applicant or deposit it into the court treasury by Jun. 3.
Ravinder Nath Soni is a key figure in an extensive investigation concerning the alleged misappropriation of millions of investors' funds.
The BlueChip group operated various investment companies, which claimed a portfolio of $70 million under Soni's ownership. The company served more than 700 clients, mostly UAE residents.
The company promised investors three percent monthly returns on a minimum investment of $10,000, secured for 18 months.
However, in March this year, payouts stopped, leaving many investors with bounced cheques. There are reports that the losses incurred by investors could exceed $100 million. In 2023, a Dubai court ordered Soni to pay AED 2.05 million to another investor.