July 25, 2023
The SEC charged Sanjay Singh and his trucking and logistics company, Royal Bengal Logistics Inc., with defrauding approximately 1,500 investors. Singh and Royal Bengal Logistics allegedly offered high-yield investment programs with guaranteed returns of up to 325% and raised approximately $112 million. Royal Bengal operated at a loss and used $70 million of new investor funds to make payments to earlier investors.
The complaint further alleges that Singh misappropriated at least $14 million of investor funds for personal use and diverted over $19 million to his controlled brokerage accounts, resulting in significant losses. Singh engaged in speculative equities trading on margin, leading to over $1 million in investor losses.
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