Federal prosecutors reportedly charged the owner of a Coral Springs, Florida, trucking company with defrauding investors of $100 million.
Royal Bengal Logistics (RBL) was allegedly used to attract marks with the promise of a 200 percent return on investments. Sanjay Singh, RBL’s owner, now faces 150 years behind bars if found guilty on all charges.
“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,” prosecutors reportedly said. “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 a combination of offering investors an opportunity to buy into the freight transportation operation and a trailer-building subsidiary, Singh and his accomplices ran an over-the-road scam that lasted more than two years. Prosecutors also say they pocketed the money, spending the ill-gotten gains on themselves.
The U.S. Department of Justice claims 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.”
A grand jury reportedly returned an indictment on June 16, noting wire transfers of up to $155,000 were made. The Department of Justice indicated that Singh and his accomplices continued running the scheme right up until they were arrested on June 22. Singh reportedly posted a $1 million bond and is free on bail.
According to the U.S. Department of Transportation, RBL held assets that included 166 power units, employed more than 90 drivers, and hauled freight over more than 3 million miles in 2021.
https://www.sun-sentinel.com/2023/06/23/coral-springs-man-charged-in-100-million-ponzi-scheme/
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