Sanjay Singh, a 45-year-old resident of Coral Springs, Florida, has been sentenced to 23 years in federal prison. Singh was found guilty of orchestrating a $158 million Ponzi scheme through his trucking company, Royal Bengal Logistics, Inc. (RBL). A jury convicted him on all eight counts related to conspiracy to commit wire fraud, wire fraud, and engaging in transactions with unlawful proceeds.
The indictment revealed that Singh, as the founder and president of RBL, initiated the Ponzi scheme in January 2020. The operation continued until his arrest. Singh and his associates misled potential investors by portraying RBL as a profitable trucking business despite its financial losses. They made false claims about investment risks, the company’s profitability, and the use of investor funds. This deception allowed them to collect over $158 million from investors, which was partly used to pay returns to existing investors.
Further allegations indicated that Singh diverted millions from investor funds for personal use, including home renovations, mortgage payments, personal expenses, and stock trading on margin.
U.S. Attorney Hayden O’Byrne for the Southern District of Florida announced the sentencing alongside Brett Skiles from the FBI’s Miami Field Office; Joseph Harris from the Department of Transportation Office of Inspector General (DOT-OIG), Southern Region; and Russell C. Weigel III from the Florida Office of Financial Regulation (OFR).
U.S. Attorney O’Byrne praised the investigative work done by the FBI, DOT-OIG, and OFR. He also acknowledged assistance from the United States Securities and Exchange Commission Miami Regional Office. The case was prosecuted by Assistant U.S. Attorneys Robert F. Moore and Roger Cruz while Assistant U.S. Attorney Marx Calderon is managing asset forfeiture.
For more information or related court documents regarding this case under number 23-cr-60117 can be accessed at www.flsd.uscourts.gov or http://pacer.flsd.uscourts.gov.
