Until last week, the offices of Blue Chip Group, located on the third floor of Bur Dubai's Al Jawahar Centre in Dubai, were bustling with activity. Dozens of representatives clad in suits pitched investment projects spanning stock markets, gold mining, cryptocurrency, and real estate to potential clients.
According to Blue Chip Group's website, they boasted a $70 million investment portfolio, over 700 clients, and an array of enticing investment options—starting from a minimum investment of $10,000, with a monthly return rate of 3% and a lock-in period of 18 months. However, with the sudden disappearance of the company's boss and employees, investors are left with bounced checks and unanswered calls.
Now, the office lies empty—both the boss and over 70 employees are nowhere to be found. Last week, when reporters from Khaleej Times visited Blue Chip Group's office, they found it deserted, except for a group of enraged investors.
One Indian expatriate revealed that his losses amounted to AED 1 million. Standing beside him was Valentino, a former client manager at Blue Chip Group, who disclosed her own investment of AED 55,000 and expressed urgency in arranging funds for her father's surgery. "I am devastated. My clients are calling me, and I don't know what to tell them. My father is in the hospital, and I need this money," she said.
Others like Maheej from India (invested AED 70,000) and Saiprava (invested AED 36,700) resorted to credit card loans for investment. Some, like Ehtisham from New Delhi, even sold their properties. On May 9th, Ehtisham took a day off from his shipping company job in Ras Al Khaimah to visit Blue Chip Group's office, stating, "If this money is gone, I am finished. This is everything to me."
Khaleej Times obtained an Excel spreadsheet containing information of some investors, revealing that investments from just 90 individuals exceeded $17 million.
As authorities investigate the matter, investors are left grappling with financial losses and the painful realization of trust betrayed by those they relied on for financial security.
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