Coral Springs Man Faces Charges in $100 Million Trucking Company Ponzi Scheme
June 23, 2023 • By Sharon Aron Baron
[caption id="attachment_47151" align="aligncenter" width="2000"]
Sanjay Singh {US Marshall's Office}[/caption]
By Sharon Aron Baron
A Coral Springs man is facing federal charges for allegedly operating a $100 million Ponzi scheme through his trucking company -- a case that could lead to a maximum of 150 years in prison if convicted.
Sanjay Singh, 43, of the Windings community and founder and president of Royal Bengal Logistics, Inc. (RBL), was indicted in South Florida federal court on charges including conspiracy to commit wire fraud and engaging in transactions in unlawful proceeds.
The indictment accuses Singh and his co-conspirators of running the Ponzi scheme since January 2020. It alleges that they misrepresented RBL's financial status and risk to investors, painting a picture of a thriving business while the company was actually losing money.
Through these deceptive tactics, the defendants raised over $100 million from investors, which was partly used to pay existing investors their promised returns.
Additionally, the indictment alleges Singh misappropriated millions of investor funds for personal expenses, home renovation, mortgage payments, and margin stock trading.
The announcement was made by U.S. Attorney Markenzy Lapointe for the Southern District of Florida, Special Agents in Charge Jeffrey B. Veltri of the FBI, Miami Field Office, and Todd A. Damiani of the Department of Transportation Office of Inspector General, and Russell Weigel III, Commissioner, Florida Office of Financial Regulation.
Investors of RBL and those owed money by the company are encouraged to share relevant information with the FBI through their website.
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