Sanjay Singh is accused of running a $100 million Ponzi scheme using his trucking company, Royal Bengal Logistics Inc. He is 43 years old and lives in Coral Springs, Florida. He is facing federal charges for the alleged scam.
Singh and his accomplices have been charged by the United States Department of Justice. The charges include plotting to commit wire fraud, wire fraud, and taking part in deals with illegal funds.
Singh and others created a Ponzi scheme, according to the DOJ. Singh and his partners lied to investors about RBL’s trucking company’s profitability from 2020.
In particular, Singh and his partners lied to or didn’t tell important information about:
- How safe RBL investments were?
- How profitable RBL’s trucking business was?
- How would investors be paid?
- How would the money be used?
Arrested for Allegedly Defrauding Investors of Over $100 Million
Singh and his accomplices lied and left out important facts to get over $100 million from investors, according to a news statement from the DOJ. The money paid guaranteed returns to investors. The plan continued until he was caught this week, according to the DOJ. RBL has 166 power units and 91 drivers according to the Federal Motor Carrier Safety Administration’s SAFER database.
Singh was charged by a federal grand jury on June 14. This week, U.S. Marshals took him into custody and set his bail at $1 million. Because of the terms of his release, he can’t work as a truck driver. This coming Friday is the next time he is due in court.
FBI Creates Website for Victims of Alleged
Kiran N. Bhat is an assistant in the U.S. Attorney’s Office in charge of the investigation. Marx Calderon is also an assistant in the U.S. Attorney’s Office and is responsible for taking back property. Singh may face 150 years in jail if convicted.
The FBI created a website for potential RBL scam victims. They urge anyone who believes they were a victim to report it. Websites are now available in French and Haitian Creole.
In conclusion, the owner of Royal Bengal Logistics, Sanjay Singh, was arrested for a $100 million Ponzi scheme. He and his partners have been charged with federal plot. Singh and his accomplices lied to investors about RBL’s health.
They got over $100 million from the investors. They spent tens of millions of dollars on luxury cars, luxury homes, luxury trips, and margin stock trading. The DOJ reported this. Singh may face 150 years in jail if convicted. Ponzi scams can harm the shipping and transportation industry. This could negatively impact Royal Bengal Shipping’s reputation and finances.
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