BlueChip scam estimated at Dh400m; 10 bank accounts of owner frozen

Indian police have widened their investigation into the massive BlueChip investment scam following the arrest of its Dubai-based owner, Ravindra Nath Soni, with the probe now expected to draw in federal agencies as deeper financial links come to light.

- Mazhar Farooqui

Speaking to Khaleej Times, Additional Deputy Commissioner of Police (ADCP) Law & Order, Kanpur Nagar, Anjali Vishwakarma, said investigators have already identified more than ten bank accounts operated by Soni across multiple Indian cities.

"We are extending the scope of the investigation. Several of Soni's bank accounts have now been traced and frozen," she said. "We are also following the money trail outside the formal banking system, including funds moved to cryptocurrency wallets."

Vishwakarma added that once the financial mapping is complete, India's Enforcement Directorate (ED), the country's lead agency for probing money laundering and cross-border financial crimes, is likely to step in. "As the probe deepens, the involvement of other government agencies cannot be ruled out," she noted.

Soni, 44, who is wanted in Dubai, was arrested on November 30 in Dehradun after Kanpur police tracked a food-delivery order placed from his hideout, ending an 18-month manhunt.