Florida man sentenced to 23 years for $158 million Ponzi scheme through trucking company

By Kathleen Ditton

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    CORAL SPRINGS, Florida (WSVN) — A Coral Springs man has been sentenced to 23 years in federal prison for running a $158 million Ponzi scheme through his over-the-road trucking company, Royal Bengal Logistics, Inc., federal prosecutors announced.

Sanjay Singh, 45, was convicted in November on eight counts, including conspiracy to commit wire fraud, wire fraud and engaging in unlawful financial transactions.

According to the U.S. Department of Justice, Singh used his trucking business to lure investors by falsely presenting it as profitable, while in reality, the company was losing money.

Investigators said that beginning in January 2020, Singh and his co-conspirators made material misrepresentations about Royal Bengal Logistics’ profitability and the safety of investments, raising over $158 million from unsuspecting investors. Much of that money was used to pay off earlier investors, in classic Ponzi scheme fashion, according to investigators.

Prosecutors said Singh also misused millions for personal gain, including home renovations, mortgage payments, and stock trading.

The scheme was still active at the time of Singh’s arrest.

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