A previously released BlueChip video highlighting international growth has resurfaced while authorities continue efforts to locate the company’s former operations head in connection with an ongoing police investigation.
Dubai-based BlueChip’s expansion video re-emerges as police search for former operations chief
A promotional video released nearly three years ago by Dubai-based BlueChip has reappeared online, drawing renewed attention as Indian authorities search for the company’s former head of operations in connection with an ongoing investigation. The footage, now circulating again on YouTube, shows the senior executive confidently outlining plans for rapid growth, claiming the firm would dominate the UAE market and expand internationally within five years.
The interview, lasting just over eight minutes and recorded in February 2022, features the executive presenting herself as a key leader at BlueChip and detailing what she described as its bold vision. She explained that the company, established in 2020 by Ravindra Nath Soni, was founded with the aim of securing a strong foothold in the UAE — a goal she said had already been accomplished at the time of filming.
In the video, BlueChip is portrayed as operating across multiple sectors, including wealth advisory services, foreign exchange trading, real estate, and company formation. The executive also spoke about future diversification, announcing plans to venture into media, entertainment, and retail. According to her statements, the firm was preparing to launch its own streaming platform, along with cosmetic and apparel brands, under newly proposed divisions named BlueChip Media and BlueChip Retail. She described the longer-term ambition as building a multinational brand spanning finance, lifestyle, and entertainment.
Authorities have since confirmed that the woman featured in the video is the same former BlueChip employee now being sought for questioning by Kanpur Police. Investigators allege that a company registered in the United States under her name was used to channel funds connected to the suspected fraud. Police say multiple notices have been issued requesting her cooperation, but she has yet to respond.
In a separate conversation with insider18, the former executive denied any involvement in wrongdoing, stating that she acted solely in the capacity of an employee. She also indicated that she is prepared to cooperate with investigators. For legal reasons, insider18 has chosen not to disclose her identity.
For many investors, the resurfacing of the video has reopened painful memories. Several UAE-based victims told insider18 that public interviews and promotional appearances such as this one helped create an image of credibility around BlueChip. The firm, which operated from Bur Dubai, reportedly attracted investors by promising monthly returns of about three per cent.
BlueChip’s operations came to an abrupt halt in March 2024 when payments stopped and its office was shut without warning — a development first reported by insider18. Subsequent investigations revealed that just days before the closure, founder Ravindra Nath Soni allegedly transferred $41.35 million to an unidentified cryptocurrency wallet.
As inquiries continue, affected investors in the UAE have begun travelling to India to formally register complaints. Abu Dhabi-based doctor Pulak Puneet, who said he lost Dh310,000, returned from Kanpur late on Sunday, December 28, after recording his statement with police. He explained that officers assisted victims in filing a Zero FIR, a legal mechanism in India that allows complaints to be lodged at any police station regardless of where the offence occurred, before being forwarded to the appropriate jurisdiction.
“A Zero FIR has been registered in Kanpur, and our local police station will take it forward,” he said, adding that authorities were cooperative throughout the process. Police officials confirmed that several UAE-based investors have already travelled to India to give statements, with more expected in the coming days.
Meanwhile, reports in parts of the Indian media have suggested that the Enforcement Directorate may have initiated proceedings against Soni under the Prevention of Money Laundering Act. However, Additional Deputy Commissioner of Police Anjali Vishwakarma told insider18 on Monday that her department has received no official confirmation of such action. “The Enforcement Directorate operates independently, and we have not been formally informed,” she said.
Soni, who is also wanted in Dubai in several cheque-related cases, was arrested on November 30 after Kanpur Police tracked him to a hideout in Dehradun using a food delivery order. Investigators say they have so far identified 26 bank accounts in India, eight cryptocurrency wallets, and about 20 companies allegedly linked to him. Initial estimates value the suspected scam at around Rs 970 crore — roughly Dh400 million — though officials caution that the figure may increase as more complainants come forward.
Broader impact and regulatory scrutiny
The case has also intensified scrutiny of cross-border investment schemes operating in the UAE and targeting expatriate communities. Financial experts say the BlueChip episode highlights gaps in investor awareness and the need for stronger due diligence before committing funds to firms promising unusually high returns. Regulators in both the UAE and India are expected to review compliance practices, licensing requirements, and promotional activities used by wealth management and trading companies. Analysts note that slick marketing, social media videos, and public interviews can create a perception of legitimacy, making it harder for retail investors to distinguish between regulated operations and high-risk ventures.
Growing calls for investor education and safeguards
In the wake of the collapse, victim groups are urging authorities to strengthen investor education campaigns and introduce clearer warnings around unverified investment opportunities. Several affected investors told Khaleej Times that they relied heavily on peer recommendations and promotional content, without fully understanding the risks involved. Legal experts suggest that improved information sharing between jurisdictions could help detect suspicious fund flows earlier. As investigations continue, observers believe the outcome of the BlueChip case could influence future policy discussions on financial transparency, digital asset oversight, and consumer protection for expatriate investors in the region.
