In a major crackdown on a sprawling financial fraud, the Kanpur Police have apprehended a Delhi-origin businessman for allegedly orchestrating a massive international investment scam. The scheme is reported to have defrauded hundreds of Indian nationals, both in India and working abroad in places like Dubai, of a staggering sum close to Rs 970 crore.
The Elaborate 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 established approximately 12 shell companies, including a prominently named venture called ‘Blue Chip Trading’. Operating under the pretence of high-end forex trading, Soni specifically targeted expatriate Indians, luring them with promises of immediate returns of 30–40%.
In a classic Ponzi scheme modus operandi, Soni allegedly paid returns regularly to early investors for the initial few years to build credibility and trust. Once a substantial investor base was established, he abruptly stopped the payments and diverted the massive funds into his personal accounts, cryptocurrencies, and offshore channels via hawala networks.
A Transnational Financial Trail
Kanpur Police Commissioner Raghubir Lal stated that forensic analysis of bank accounts indicates Soni collected nearly Rs 970 crore from an estimated 400–500 investors. "While some amounts were partially repaid to maintain the façade, large sums were instantly moved to other accounts. A significant portion was converted into cryptocurrency, and another part was routed through hawala networks," Commissioner Lal explained.
He emphasized the multilayered and cross-border nature of the crime, noting victims are spread across the UAE, and include Japanese and Malaysian nationals as well. The fraud's complexity, involving cryptocurrency laundering and international fund movements, has raised concerns beyond mere financial cheating. "We are seriously examining the national security angle, because such large-scale anonymous fund movements can be misused," the Commissioner added.
Past Record and Unravelling of the Scheme
Soni's downfall began earlier this year when a resident of Kanpur filed a complaint in January 2024 over a defaulted cheque worth Rs 42 lakh. His subsequent arrest and interrogation peeled back the layers of a much wider conspiracy. Police discovered that Soni had even spent time in a Dubai jail over financial disputes before returning to India.
It was also revealed that he was arrested in Aligarh in 2019 in a separate fraud case. As news of the arrest spread, more victims from Kerala, Dubai, and other parts of the country began approaching the police. Two complainants alone have reported losses of Rs 4 crore each.
Ongoing Investigation and Wider Implications
To date, five FIRs have been registered against Ravindra Nath Soni in jurisdictions including Dubai, Aligarh, Kanpur Nagar, Delhi, and Panipat. Given the scale and the use of cryptocurrency, foreign remittances, and suspected links with associates in the US, Japan, and Dubai, central investigative agencies are now likely to step in.
"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 remarked. Soni is currently in judicial custody as specialized teams of forensic accountants and cyber experts meticulously examine bank records, passport data, and digital transactions. The police anticipate a sharp rise in the number of complainants in the coming days as the investigation progresses.
