Coral Springs man indicted for allegedly masterminding a $100 million fraud
Coral Springs, Florida – A 43-year-old resident of Coral Springs is facing federal charges for allegedly masterminding a $100 million Ponzi scheme, manipulating his over-the-road trucking company, Royal Bengal Logistics, Inc. (“RBL”), as the conduit for this considerable fraud.
The indictment states that Sanjay Singh has contravened federal regulations by committing conspiracy to wire fraud, engaging in wire fraud, and participating in transactions with unlawful proceeds.
The document further outlines how Singh, the founder and president of RBL, in conjunction with his associates, meticulously crafted and perpetuated a significant Ponzi scheme. This fraudulent operation, which started in January 2020 and was still active when Singh was apprehended, falsely represented RBL as a flourishing trucking enterprise, despite the company’s sustained financial losses. Singh and his partners deceived potential investors through material misrepresentations and omissions concerning the investment risks associated with RBL, the profitability of RBL’s trucking operations, the manner in which RBL would recompense its investors, and how the investor funds would be utilized.
Through these deceptive practices, Singh and his cohorts successfully raised over $100 million from investors, a portion of which was used to fulfill the promised returns to existing investors.
The indictment further accuses Singh of diverting millions of dollars from these investments for personal purposes, which included home renovations, mortgage payments, personal expenses, and margin trading in stocks.
If found guilty on all counts, Singh could face a sentence of up to 150 years in prison. The final sentencing, however, will be determined by a federal district court judge, taking into account the U.S. Sentencing Guidelines and other statutory factors.
The charges against Singh were announced by U.S. Attorney Markenzy Lapointe for the Southern District of Florida; Special Agent in Charge Jeffrey B. Veltri of the FBI, Miami Field Office; Special Agent in Charge Todd A. Damiani of the Department of Transportation Office of Inspector General (“DOT-OIG”), Southern Region; and Russell Weigel III, Commissioner, Florida Office of Financial Regulation (“OFR”).
U.S. Attorney Lapointe extended his gratitude to the FBI, DOT-OIG, and OFR for their investigative efforts in this case. The United States Securities and Exchange Commission Miami Regional Office was also acknowledged for their contribution. The case is being prosecuted by Assistant U.S. Attorney Kiran N. Bhat, while asset forfeiture is being managed by Assistant U.S. Attorney Marx Calderon.
At this stage, these charges are only allegations. Singh, like any defendant, is presumed innocent until proven guilty in a court of law.
