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Important information

• Pending Government Action:

  Government Action: BBB reports on known government actions involving business’ marketplace conduct:

  USA v. Sanjay Singh. Case number 0:23-cr-60117 SD Fla.
  

  As of June 23, 2023:

  
  

  Sanjay Singh, 43, of Coral Springs,
  Florida, has been charged in South Florida federal court with
  orchestrating a $100 million investment fraud (Ponzi) scheme run through his over-the-road trucking company, Royal Bengal Logistics, Inc. (“RBL”).
  

  
  

  The indictment alleges that Singh violated
  federal laws criminalizing conspiracy to commit wire fraud, wire fraud,
  and engaging in transactions in unlawful proceeds.

  
  

  According to the indictment, Singh, RBL’s founder and president, organized and ran a substantial Ponzi scheme
  with co-conspirators. The conspiracy began in January 2020 and was
  ongoing at the time of his arrest. 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 material
  misrepresentations and omissions, Singh and his co-conspirators raised
  over $100 million from investors, which Singh and his co-conspirators
  then used in part to pay existing investors promised returns.

  
  

  The indictment also alleges that Singh
  misappropriated millions of dollars of investor funds to renovate his
  home, make mortgage payments, pay for personal expenses, and trade
  stocks on margin.

  
  

  If convicted of all charges in the
  indictment, Singh faces a maximum penalty of 150 years’ imprisonment. A
  federal district court judge will determine any sentence after
  considering the U.S. Sentencing Guidelines and other statutory factors.

  
  

  An indictment contains mere allegations,
  and all defendants are presumed innocent unless and until proven guilty
  in a court of law.

  
  

  If you invested in RBL, are owed money by
  RBL, or had interactions with anyone at RBL about a potential
  investment, please visit https://www.fbi.gov/how-we-can-help-you/victim-services/seeking-victim-information/rblinvestors to provide relevant information to the FBI. You can also visit https://www.fbi.gov/how-we-can-help-you/victim-services/seeking-victim-information/rblinvestors-french to provide information in Haitian French, or https://www.fbi.gov/how-we-can-help-you/victim-services/seeking-victim-information/rblinvestors-haitian-creole to provide information in Haitian Creole.

  
  

  LINK: https://www.justice.gov/usao-sdfl/pr/coral-springs-man-charged-operating-100-million-ponzi-scheme-through-his-trucking

  Click here for details