A Special Investigation Team (SIT) and crime branch sleuths reached Dehradun on Wednesday evening, accompanied by Ravindranath Soni, the alleged kingpin of a Ponzi scam defrauding investors of over Rs 970 crore, to search a property linked to the massive fraud.
Late Tuesday night, ACP Kotwali Ashutosh Singh, station in charge Jagdish Pandey, and 15 SIT and crime branch personnel set out with Soni. Upon reaching the house in Dehradun, Soni guided authorities, who seized documents and electronic devices associated with his companies.
During the raid, several property-related documents were recovered. Preliminary findings indicate Soni may have planned to purchase a luxury villa or a five-star hotel, though investigators are still verifying this. Officials also suspect that a portion of the missing funds may have been converted into cryptocurrency, as Soni continues to withhold information on the whereabouts of the Rs 970 crore.
Soni, a resident of Malviya Nagar, Delhi, allegedly operated the Ponzi scheme from Dubai, defrauding investors across 10 countries, including India. On Tuesday, police secured his remand at Kotwali, where the SIT interrogated him for five hours in the presence of over 100 victims and recorded his statements.
During questioning, Soni disclosed the names of his five companies and four partners—Hitesh, Vibhash, Dharvesh, and Gurmeet—and admitted that investors were lured with promises of high returns. Though he claimed to have left the company in May 2024, SIT investigators found that investment activities continued after his departure.
Authorities are also pursuing complaints from six prominent businessmen, including two actors, who met Police Commissioner Raghubir Lal. Reports were filed by Vishal Manish Kothia, Abrar Siddiqui, Shahnawaz Usman Koya, Pradeep Kumar Singh, and Vishal Singh alleging investment fraud.
Investigators are searching for one of Soni’s mobile phones, which is believed to contain critical contacts and other evidence. Digital records indicate a network centered on Canada-based associate Gurmeet Kaur, who facilitated several foreign transactions. Police have obtained contact lists from UP, Maharashtra, Gujarat, Rajasthan, and Delhi and plan to interrogate all individuals named.
