In a major crackdown on transnational financial crime, the Kanpur Police have apprehended a Delhi-based businessman for allegedly orchestrating a colossal investment fraud that swindled hundreds of Indians, both domestically and in Dubai, out of nearly ₹970 crore.
The Mastermind and His Web of Deceit
The accused, identified as Ravindra Nath Soni, originally from Malviya Nagar in Delhi, had shifted base to Dubai several years ago. Police investigations reveal that he floated approximately 12 shell companies, including a prominently named venture called ‘Blue Chip Trading’. Under the pretence of high-end forex trading, Soni specifically targeted expatriate Indians, luring them with promises of staggering immediate returns of 30–40%.
Operating on a classic Ponzi model, Soni reportedly paid returns regularly to initial investors for the first few years to build credibility and trust. This period of apparent profitability was a carefully constructed facade. Once a substantial pool of funds was amassed, he abruptly stopped the payments and began diverting the massive investments into his personal accounts, cryptocurrencies, and offshore channels through hawala networks.
A Trail of Money Across Borders
Kanpur Police Commissioner Raghubir Lal provided chilling details of the scam's scale. "Our analysis of his bank accounts shows that he collected close to ₹970 crore from at least 400–500 investors," he stated. While some amounts were partially repaid to maintain the scheme's illusion, the bulk of the money vanished into a complex web of transactions.
A significant portion of the defrauded funds was converted into cryptocurrency to obscure the trail, while another part was moved through hawala networks. Commissioner Lal emphasised the international dimension, noting, "This is a multilayered financial crime spread across jurisdictions. His victims are in UAE, Japanese nationals, Malaysians."
Unravelling a Transnational Conspiracy
Soni's arrest in Kanpur was triggered by a relatively smaller complaint filed in January this year by a local man, who accused the businessman of defaulting on a ₹42 lakh cheque. However, during sustained interrogation following his arrest, the staggering breadth of his operations came to light.
"During sustained questioning, it became clear that this was not an isolated cheating case. Victims from Kerala, Dubai and other parts of the country have been contacting us. Two complainants alone claim they lost ₹4 crore each," Commissioner Lal explained. The police have registered five FIRs against Soni so far—one in Dubai, and one each in Aligarh, Kanpur Nagar, Delhi, and Panipat.
It has also emerged that Soni has a prior criminal record, having been arrested in Aligarh in 2019 in a separate fraud case. Sources indicate he even spent 4–5 months in a Dubai jail over financial disputes before returning to India.
The case has now escalated beyond a typical financial fraud. Given the sophisticated use of cryptocurrency, cross-border remittances, and suspected links with associates in the US, Japan, and Dubai, central investigative agencies are taking note. "This is not a routine cybercrime. The money has moved across countries, into crypto wallets, and via hawala. At least 12 foreign-based associates have been identified so far," Commissioner Lal said.
He highlighted grave concerns, adding, "We are seriously examining the national security angle, because such large-scale anonymous fund movements can be misused. This appears to be a transnational crime with deep financial footprints."
Ravindra Nath Soni is currently in judicial custody as a specialised team of forensic accountants, cyber experts, and investigators meticulously comb through bank records, passport entries, and digital transactions. The Kanpur Police anticipate that the number of complainants will rise sharply in the coming days as more victims become aware of the arrest.
