A Florida man faces multiple federal charges for allegedly operating a $100 million Ponzi scheme through his over-the-road trucking company, Royal Bengal Logistics Inc.
Sanjay Singh, 43, of Coral Springs, Florida, is accused of conspiracy to commit wire fraud, wire fraud and engaging in transactions in unlawful proceeds, according to the U.S. Department of Justice.
Federal prosecutors allege Singh, founder and president of Royal Bengal Logistics (RBL), organized the Ponzi scheme with others, who were not named by the DOJ.
According to the DOJ, beginning in 2020, “Singh and his co-conspirators held RBL out to potential investors as a thriving and successful trucking business, all while RBL’s actual trucking business lost money. In the process, Singh and his co-conspirators made material misrepresentations and material omissions about the riskiness of investing in RBL, the profitability of RBL’s trucking operations, how RBL would pay its investors, and how RBL would use investor funds.”
Through these misrepresentations and omissions, a DOJ news release states, Singh and his co-conspirators raised over $100 million from investors, which they then used in part to pay existing investors promised returns. The DOJ says the scheme was ongoing all the way up to his arrest this week.
RBL has 166 power units and 91 drivers, according to the Federal Motor Carrier Safety Administration’s SAFER website.
Singh was indicted by a federal grand jury on June 14. He was arrested this week by U.S. Marshals and released on a $1 million bond. Under the terms of his release, he can’t work in the trucking industry. He is expected to make his next court appearance on Friday.
Assistant U.S. Attorney Kiran N. Bhat is prosecuting the case; Assistant U.S. Attorney Marx Calderon is handling asset forfeiture.
If convicted, Singh could face up to 150 years in prison.
The FBI is seeking information from anyone who invested in RBL.
Sade
I was referred to RBL by a friend of many year. I invested all my savings because this company seemed very reputable. I lost all my cash and it has been a nightmare. I can’t believe this is happening. So many individual lives will never be the same due to selfishness and greed! All of the workers at RBL need to pay for this mess.
Tr Sorvlet
Hey Macanudo…how is that MAGA?! MAGA stands for Make America Great Again by reducing taxes and regulations which absolutely STRANGLE an economy!! Trump took the chains off and gave us a roaring economy in 2018, in case you hadn’t noticed. Then COVID unfortunately. How is the economy today?!…OTR TRUCKERS GUILD
Hans Witt
Whole trucking industry is one big ponzi scheme. he just copying what the top 100 do, not big big enough to force competition out business. The whole goal whole industry is to get other people to invest and operate at a loss , while the middle men skim off the “rent”, but those 60% of the industry are called small carriers and indepeands, owner operators, so thats legal. If if this guy would kept kept screwing the drivers and leaser’s , that would have OK, thanks to FMCSA.
Delfido Cavazos
I wonder if he will singh on his co conspirators
Macanudo
Here you have another MAGA doing what he does best.
JDorn
Imagine stealing 100 million and only got 1 million bond. Go figure.
Reginald Craven jr
These people are pros.when I do decide to invest my funds it will be in physical gold.ive been in the trucking industry for 50 years and what I’ve seen happi g now it’s hard to predict and trust anyone.
Jimmy Guerrier
Very very sad to hear all of this!!! How could RBL be a scheme and has been operating for over 3 years, I wonder? My wife and I are investors and just made a large investment last April. We took part in two of their online and physical meetings and made our own research and found out it was a real thriving and expanding trucking company. If it’s true, how could the Fed not see it earlier?