Dubai-based BlueChip's ‘global expansion’ video resurfaces amid police hunt for ex-operations head

A three-year-old promotional video of BlueChip has resurfaced on YouTube, showing the company’s then head of operations — now wanted for questioning by Indian police — confidently predicting that the Dubai-based firm would “rule the UAE market” and expand globally within five years.

The little over eight-minute interview, filmed in February 2022 and recently rediscovered, features the woman introducing herself as a senior BlueChip executive and outlining what she described as the company’s ambitious expansion plans. She said BlueChip, founded by Ravindra Nath Soni in 2020, was created with a “vision to capture the UAE market” and claimed that goal had already been achieved.

In the video, she describes BlueChip as operating across wealth management, forex trading, real estate and business setup services, before announcing plans to enter media, entertainment and retail. She said the company was preparing to launch its own OTT platform, along with cosmetics and clothing lines, under two new verticals —  BlueChip Media and BlueChip Retail.

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“Our vision for the next five years is to capture the global market,” she says in the interview, adding that BlueChip aimed to become a multinational brand spanning finance, entertainment and lifestyle sectors.

The woman seen in the video is the same former Dubai-based BlueChip employee now being sought for questioning by Kanpur Police, officials confirmed. Investigators say a US-registered company under her name was allegedly used to route transactions linked to the scam.

Notices have been issued asking her to join the investigation, but she has not responded.

In an interview with Khaleej Times, the woman denied any wrongdoing, saying she was “only an employee” and expressed willingness to cooperate with authorities. Khaleej Times is withholding her name for legal reasons.

Renewed anger 

For victims, the resurfaced video has renewed anger.

Several UAE-based investors told Khaleej Times that such interviews and public-facing claims played a key role in building trust around BlueChip, which operated out of Bur Dubai and promised returns of around three per cent a month.

BlueChip collapsed abruptly in March 2024 after payouts stopped and its office was shut overnight, a development first reported by Khaleej Times. Investigations later revealed that Soni transferred $41.35 million to an unknown cryptocurrency wallet just days before the shutdown.

As the investigation deepens, UAE residents are now travelling to India to formally lodge complaints.

Abu Dhabi-based doctor Pulak Puneet, who lost Dh310,000, returned from Kanpur late Sunday (December 28) after recording his statement. Speaking to Khaleej Times, he said police helped victims file a Zero FIR — a provision under Indian law that allows a complaint to be registered at any police station, regardless of where the crime occurred, and later transferred to the appropriate jurisdiction.

“A Zero FIR has been lodged in Kanpur, but our local police station will follow it up,” he said. “The police were very supportive.”

Officials said several UAE-based investors have flown to India in recent days to record statements, with more expected.

Some Indian media outlets have reported that the Enforcement Directorate (ED) has registered a case against Soni under the Prevention of Money Laundering Act (PMLA). However, Additional Deputy Commissioner of Police Anjali Vishwakarma told Khaleej Times on Monday that she is not aware of any such development.

“The ED works independently. We have no official communication on this so far,” she said.

Soni, who is wanted in Dubai in multiple cheque default cases, was arrested on November 30 after Kanpur Police traced a food-delivery order placed from his Dehradun hideout.

Investigators say they have identified 26 Indian bank accounts, eight cryptocurrency wallets and around 20 companies linked to Soni. Preliminary estimates place the scam at around Rs 970 crore (approximately Dh400 million), though police say the figure could rise as more victims come forward.