|
Getting your Trinity Audio player ready...
|
MIAMI, FL — Sanjay Singh, 45, of Coral Springs, Florida, has been sentenced to 23 years in federal prison for orchestrating a massive $158 million Ponzi scheme through his trucking company, Royal Bengal Logistics, Inc. (RBL).
In November 2024, a federal jury convicted Singh on all eight counts of an indictment, including conspiracy to commit wire fraud, wire fraud, and engaging in unlawful monetary transactions. The verdict followed an extensive investigation into Singh’s scheme, which ran from January 2020 until his arrest.
The Scheme
According to court documents and trial evidence, Singh—founder and president of RBL—promoted the company as a successful and profitable over-the-road trucking business. In reality, RBL was hemorrhaging money.
Singh and his co-conspirators lured investors with false promises of lucrative returns, misleading them about:
- The financial health and profitability of RBL,
- How investor funds would be used,
- And how returns would be generated.
Using these misrepresentations, Singh raised more than $158 million from individuals across the U.S. Rather than investing in legitimate business operations, Singh used new investor money to pay earlier investors, a hallmark of a Ponzi scheme.
Lavish Personal Spending
Investigators also found that Singh misappropriated millions of dollars in investor funds for personal use, including:
- Renovating his private residence,
- Making mortgage payments,
- Funding day-to-day living expenses,
- And speculating in the stock market using margin accounts.
Law Enforcement Response
U.S. Attorney Hayden O’Byrne for the Southern District of Florida announced the sentence alongside leaders from the FBI Miami Field Office, the Department of Transportation Office of Inspector General (DOT-OIG), and the Florida Office of Financial Regulation (OFR).
O’Byrne praised the coordinated efforts of all agencies involved and thanked the U.S. Securities and Exchange Commission’s Miami Regional Office for its support in the investigation.
The case was prosecuted by Assistant U.S. Attorneys Robert F. Moore and Roger Cruz, with Assistant U.S. Attorney Marx Calderon handling asset forfeiture proceedings.
More Information
Additional documents and information on the case can be found through the U.S. District Court for the Southern District of Florida at www.flsd.uscourts.gov or via PACER under case number 23-cr-60117.
