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.
TR Sorvlet
Aztecace…How long in trucking? I’ve been in the industry since 2002. The stock market is not an indication of a robust economy. Business can do well in a sluggish economy by tightening their belts- by putting more pressure on the workers…the ones who suffer in those times. The rate of GDP expansion is the barometer of an economy. After the Great Recession (2008), we had a long slowdown. Everyone said “where’s the recovery?” Working OTR, 48 states, I saw little or no construction for years. Obama, like Biden, did not understand Macroeconomics! Obama averaged an under 2% GDP over 8 years, while the average for all other presidents (back to the 1940s) was 2.8%. That’s 35-40% worse!! Do you do better with a jumping economy or one dead in the water, like now. JB Hunt delivered 25% fewer loads in the 1st quarter than the previous year. Do you like waiting for a load? You can drink the Kool-aid and listen to the Left if you wish. Anyone can check the above numbers on the internet. [email protected]
Billy bob
I heard about it I delligent do my homework I ran out of it Bernie madoff immediately comes to my mind I am old I can’t work anymore so op out of it I suspect its a scam I am sorry for the poor working class people who get caught up in this too many hatian being the front man with a story and a smile he needs to pay back all the investors and died in prison like Bernie madoff thief greedy
Ex Employee
I used to work for Royal Bengal Logistics not the best place to work but I did enjoy my tenure there. I was aware of the investors but never thought it wasn’t legit my check was always on time. Sanjay was not the most easiest person to work for he just down right insane but I did learn some things from him. I am a bit upset that all these people were so called taken advantage of plus at least most investors were Haitian people. Yea it was wrong but so was the greed of so many people investing their money for more money. I don’t feel sorry for any of them they are thieves as well plus Sanjay didn’t do this by himself the investor part of the company had its own leaders
Tr Sorvlet
Delfido…funny line!
Aztecace
Tr- the economy was going before Trump ever entered the scene, if you couldn’t see it, it’s because you had no skin in the game, I’ve watched the economy because I actually own stock, so I know. How’s that drinking water, and bathing water doing for you without the regulations? Make Attorneys Get Attorneys.