KANPUR: Kanpur police have arrested a Delhi-based businessman, Ravindra Nath Soni, for allegedly running a massive international investment scam that duped hundreds of Indians—both in India and in Dubai—of nearly Rs 970 crore. Investigators say the fraud spans multiple countries, involves cryptocurrency laundering, hawala routes, and may have national security implications. As on date, five FIRs have been registered against him, including one in Dubai, and one each in Aligarh, Kanpur Nagar, Delhi and Panipat.According to police, Soni, originally from Malviya Nagar in Delhi, shifted to Dubai several years ago and floated around 12 shell companies, including a flashy venture named ‘Blue Chip Trading’. Under the guise of high-end forex trading, he lured expatriate Indians with promises of immediate 30–40% returns.For the first few years, Soni allegedly paid returns regularly to build trust—classic Ponzi-model behaviour—before abruptly diverting funds into personal accounts, cryptocurrencies, and offshore channels.Rs 970 crore trail emerges Kanpur police commissioner Raghubir Lal said, “Our analysis of his bank accounts shows that he collected close to Rs 970 crore from at least 400–500 investors. Some amounts were partially repaid to maintain credibility, but large sums immediately disappeared into other accounts. A significant portion was converted into cryptocurrency, while a part was routed through hawala networks. This is a multilayered financial crime spread across jurisdictions. His victims are in UAE, Japanese nationals, Malaysians.”Sources said Soni even spent time in a Dubai jail over financial disputes, returning to India after 4–5 months.Soni’s downfall began earlier this year after a Kanpur man lodged a complaint in January accusing him of defaulting on a ₹42 lakh cheque. When police interrogated him after the arrest, a much wider web began to surface.“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. His scheme targeted Indians working abroad, exploiting their trust and aspirations,” Lal said.He added that Soni was earlier arrested in Aligarh in 2019 in another fraud case.Given the use of cryptocurrency, foreign remittances, and suspected links with individuals in the US, Japan, and Dubai, the case is now attracting the attention of central agencies.“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. 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,” the commissioner said.Soni has been sent to judicial custody while forensic accountants, cyber teams, and specialised investigators comb through bank records, passport entries, and digital transactions. Police expect the number of complainants to rise sharply in the coming days.