A Florida trucking company owner was already sentenced to 23 years in prison for his role in a Ponzi scheme.
Now, that same trucking company owner is on the hook for more than $51 million in restitution.
The U.S. Department of Transportation’s Office of Inspector General recently announced that the U.S. District Court for the Southern District of Florida granted a motion in support of restitution and judgment for $51,199,671 against Royal Bengal Logistics owner Sanjay Singh.
According to court documents, Singh began representing Royal Bengal Logistics in January 2020 as a thriving trucking company to potential investors. Singh’s pitch involved a “truck program” in which the trucking company used investor funds to purchase and operate trucks, guaranteeing monthly returns exceeding 200%.
According to the indictment, Singh also offered investors separate investment opportunities that supported the company’s operations or its trailer manufacturing program. These other types of investments would yield guaranteed returns ranging from 20% to 40%.
Initially, investors would send funds and receive returns in their own names. Eventually, Singh requested that investors switch to going through companies they had already incorporated. By doing so, Singh was able to conceal the source and nature of the funds flowing into and out of Royal Bengal Logistics’ bank accounts.
Singh was accused of devising a Ponzi scheme that used funds from new investors to pay out returns to existing investors of his trucking company.
Investigators concluded that Singh’s fraudulent scheme collected more than $150 million in investor funds between 2020 and 2023. The investigation also revealed that Singh misappropriated millions of dollars of investor funds for personal gain, including millions sent to family members in India.
In November 2024, a jury found Singh guilty of wire fraud, money laundering and conspiracy charges. LL
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