Coral Springs man charged with allegedly defrauding investors out of $100M through trucking company

CORAL SPRINGS, FL – Federal prosecutors have charged a 43-year-old Coral Springs man for allegedly defrauding investors out of $100 million through a trucking company – and using money to renovate his home, make mortgage payments, pay for personal expenses, and trade stocks.

According to a news release from U.S. Department of Justice on Friday, Sanjay Singh, 43, the owner of Royal Bengal Logistics, Inc. based at 9600 West Sample Road in Coral Springs along with other unnamed co-conspirators, started scamming investors in 2020 and continued up until he was arrested.

An indictment alleges that Singh violated federal laws, "criminalizing conspiracy to commit wire fraud, wire fraud, and engaging in transactions in unlawful proceeds," the news release said.

According to DOJ, 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," the news release said.

Singh and the others raised more than $100 million from investors, which Singh and his co-conspirators then used in part to pay existing investors promised returns, and support their lifestyles, according to DOJ.**BULLSEYE

If convicted of all charges, Singh faces a maximum of 150 years' imprisonment.

A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors, according to DOJ.

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