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Arrest Warrant Issued for BlueChip Owner Ravinder Nath Soni

Soni failed to pay AED 10.5 million within the one-week deadline set by the Dubai Court of First Instance.

  • Publish date: Wednesday، 12 June 2024 Last update: Tuesday، 10 December 2024
Arrest Warrant Issued for BlueChip Owner Ravinder Nath Soni

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. 

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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. 

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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. 

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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.

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