[Editor’s Note: Bluechip Computer Systems LLC and Bluechip Real Estate Brokers are not associated with the Blue Chip Group mentioned in the article.]
In startling revelations, a murky link between the dodgy BlueChip group and another deceitful enterprise, the Acme Management Consultancy, has come to the fore.
Office number 308 in Al Jawhara building, currently occupied by BlueChip Financing Broker, was home to the now-defunct Acme four years ago, according to Dubai Court documents and investigations made by Khaleej Times.
Both firms engaged in similar schemes, soliciting millions of dirhams for forex trading, ultimately leaving investors without the promised returns.
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It has also come to light that Ravinder Nath Soni, the missing owner of BlueChip Group, also managed Acme Management Consultancy and its sister concern Acme Global General Trading between 2018 and 2020.
Scores had their investments wiped out in the two companies.
Among them is Priti Rakesh Phillips, a Dubai resident who, along with her family and friends, lost a staggering Dh39 million. In November 2020, her legal pursuits led to the Dubai Public Prosecution issuing an international arrest warrant for Acme’s owner Sundernath Dash who fled the UAE.
Additionally, a ban was imposed on assistant manager, George Veliyath, who has been ordered to pay Priti Dh11.3 million and Dh27.8 million to a company owned by her family.
Priti shared multiple pictures of them with Ravinder Soni at Acme’s Al Jawhara Building office, corroborating her claims.
A brochure of Acme accessed by Khaleej Times lists Ravinder Soni as its manager. In the company’s promotional material, Soni has been described as someone whose “words are powerful.” One quote from him reads: “The power words carry is one of the reasons we love quotes so much. When worded just right, a sentence can become a mantra, an ethos, an endless source of power. As business owners and entrepreneurs, most of us were driven to create something we believe needs to exist. That drive requires ingenuity, creativity, and above all, leadership.”
Priti claimed that Soni was not listed on any government documents but was the public face of Acme. “He has the one I dealt with, and now he used the same tactics at BlueChip, leading to similar losses for investors,” she alleged.
A.G., another investor who lost over Dh500,000 to Acme, said: “When I read about the BlueChip scandal, it was like déjà vu. Same office, same promoter, and the same trail of devastated lives and missing owner.”
Priti likened her experience to that of BlueChip investors, describing how she was tricked into investing all her money and even persuading her family and friends to do the same, enticed by attractive returns. “My life has been torn apart. I used to manage a restaurant called Sankalp in Oud Metha, Dubai, but now I’m drowning in bills. My parents have turned their backs on me. It’s all come crashing down. Just the sight of Acme’s old office building sends shivers down my spine. And knowing that hundreds others have fallen prey to the same scheme in that very place infuriates me to no end. That’s why I’m speaking out.”
Last week, Khaleej Times had reported how BlueChip halted monthly payouts and saw its owner Ravinder Soni and entire staff disappear, leaving hundreds of investors in the lurch.
Lawyer Farhat Ali Khan who is representing some of these investors said: “The striking similarities between BlueChip and Acme have deepened concerns. It’s the same playbook, from the same office.”
Promoted by Bollywood actor Sonu Sood, BlueChip boasted a $70-million portfolio and over 700 clients, as stated on their website. They promised a three percent monthly return on a minimum investment of $10,000, locked in for 18 months.
However, the promise turned sour when payouts suddenly stopped, leaving investors with bounced cheques and unanswered calls.
Since the Khaleej Times report, several more individuals have come forward, reporting investments ranging from Dh100,000 to Dh10 million that are now stuck.
BlueChip’s once bustling office now sits empty, except for the crowd of angry investors who come looking for answers.
The company’s relationship managers, who visited Khaleej Times, said they are clueless and facing an uncertain future. One of them shared: “Our salaries have stopped, and we’re bombarded with angry calls from clients. Many of us took out loans to invest in the company—I personally borrowed Dh600,000. We’re desperate, trying to find new jobs, but no one wants to hire us because of the negative publicity surrounding BlueChip.”