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Sanjay Singh and Royal Bengal Logistics Inc.

Date:

July 25, 2023

Type of alert:

Ponzi Scheme  

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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