Coral Springs man charged in $100 million ponzi scheme

A resident of Coral Springs, aged 43, has been indicted in federal court for his alleged involvement in a fraudulent investment scheme worth $100 million, which was operated through his trucking company.

The indictment against Sanjay Singh, which was unveiled on Monday, charges him with various violations of federal laws related to wire fraud, conspiracy to commit wire fraud, and engaging in transactions involving unlawful proceeds.

Singh, who is the founder and president of Royal Bengal Logistics, Inc. (RBL), is accused of orchestrating and running a substantial Ponzi scheme with the assistance of co-conspirators.

According to the indictment, the scheme is said to have commenced in January 2020 and was still ongoing at the time of Singh’s arrest.

As outlined in the indictment, Singh and his co-conspirators allegedly presented RBL as a thriving and prosperous trucking business to potential investors, despite the fact that the company was actually experiencing financial losses. Throughout the process, Singh and his associates purportedly made false statements and deliberately withheld crucial information regarding the risks associated with investing in RBL, the profitability of the company’s trucking operations, the repayment of investors, and the utilization of investor funds.

Using these deceptive tactics, Singh and his accomplices allegedly managed to raise more than $100 million from unsuspecting investors, utilizing a portion of these funds to provide returns to existing investors.

The indictment further alleges that Singh misappropriated millions of dollars from investor funds for personal gain. These funds were purportedly utilized for various purposes, including renovating Singh’s residence, making mortgage payments, covering personal expenses, and engaging in margin trading of stocks.

If convicted on all charges, Singh could face a maximum prison sentence of 150 years.