Florida trucking company owner convicted in $112M Ponzi scheme

The owner of a Florida trucking and logistics company has been convicted for his role in an elaborate three-year truck investment Ponzi scheme that bilked investors out of $112 million.
Following a two-week trial, a federal jury in the U.S. District Court for the Southern District of Florida convicted Sanjay Singh, 45, of Coral Springs, on Nov. 8 of eight counts of wire fraud, money laundering and conspiracy charges.
On Nov. 13, U.S. District Judge David S. Leibowitz denied Singh’s motion to remain free on bond until his sentencing, which is set for Feb. 28, 2025, and he was taken into custody by the U.S. Marshals Service.
Prosecutors opposed Singh’s motion to remain free until sentencing, stating in court documents that “his crime involved laundering of millions of dollars to bank accounts in India, which is more than enough to sustain him if he does flee.”
Singh founded his over-the-road trucking company, Royal Bengal Logistics Inc. (RBL) of Coral Springs, in 2018. RBL purportedly had 91 drivers and 166 power units, according to the Federal Motor Carrier Safety Administration’s SAFER website, until its operating authority was involuntarily revoked. In June, the court granted the U.S. Securities and Exchange Commission’s request for emergency relief, appointing a receiver and freezing Singh’s and the trucking company’s assets.
In June 2023, the U.S. Department of Justice arrested and charged Singh with conspiracy to commit wire fraud, wire fraud and engaging in transactions in unlawful proceeds.
According to the DOJ release, over a three-year period, beginning in January 2020 until 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.”
The indictment stated that 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.”
Federal investigators claimed that Singh had misappropriated millions of dollars of investor funds to “renovate his home, make mortgage payments, pay for personal expenses and trade on margin,” according to court documents.