A man convicted in 2024 of wire fraud and other charges after running an alleged Ponzi scheme in Florida will pay $51.2 million in restitution to victims, according to a federal court’s amended judgment last month.
Sanjay Singh, who founded Royal Bengal Logistics, was sentenced to 23 years in prison after authorities said he ran a Ponzi scheme with some returns promised to exceed 200%; used millions of dollars to make mortgage payments on his home and renovations; and sent millions of dollars to family in India.
“The investigation revealed Singh used his company to create an elaborate Ponzi fraud scheme by attracting investors to purchase contracts involving freight trucking services with promises of extremely high interest payments,” the federal government said in a news release last month.
The over-the-road trucking company collected over $150 million from investors between 2020 and 2023, taking advantage of many Haitian-Americans, the government said.
The company didn’t earn sufficient trucking business revenue to cover its operations and used investor funds to make payments to earlier investors, the 2023 indictment said.
Singh is appealing multiple cases in the 11th U.S. Circuit Court of Appeals.
