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The FBI has officially charged Sanjay Singh, 43, of Coral Springs, Florida, in connection with a massive $100 million Ponzi scheme that devastated hundreds of investors, including a significant number of Haitian families across South Florida and beyond. Singh, the president and founder of Royal Bengal Logistics, Inc. (RBL), allegedly used the cover of a trucking business to orchestrate what prosecutors describe as a sophisticated and deeply damaging investment fraud operation.
According to the federal indictment unsealed this week, Singh and his co-conspirators began luring investors into their fraudulent scheme as early as January 2020. The pitch was slick: a booming trucking business offering strong and consistent returns. The reality, however, was much darker. RBL was hemorrhaging money. But that didn’t stop Singh from continuing to raise millions by presenting falsified information about the company’s financial health, risk levels, and how investor funds would be used.
Instead of building a business, Singh allegedly used new investor money to pay off old investors in classic Ponzi fashion. Prosecutors say he also diverted millions for his personal benefit, renovating his home, covering mortgage payments, funding his personal expenses, and gambling on the stock market.
The case has drawn particular attention from South Florida’s Haitian-American community, many of whom were targeted as investors. Several Haitian families, believing they were investing in a legitimate logistics venture, have now been left financially devastated. Community leaders are calling it one of the most significant financial crimes to affect Haitian investors in the region in recent years.
But this time, the community is also seeing justice led from within. The FBI’s Miami field office, which spearheaded the investigation, was led in part by a Haitian-American FBI special agent, whose work was key in building the case and coordinating with other agencies. The agent’s name has not been made public due to operational protocols, but sources within the Haitian community have already praised the agent’s role in holding Singh accountable.
U.S. Attorney Markenzy Lapointe, who is also of Haitian descent, announced the indictment alongside FBI Miami Special Agent in Charge Jeffrey B. Veltri, DOT-OIG Southern Region’s Special Agent in Charge Todd A. Damiani, and Florida Office of Financial Regulation Commissioner Russell Weigel III.
“This was a calculated fraud that caused serious financial harm to families who were simply looking for a better life,” said Lapointe. “We will continue to pursue those who prey on our communities with false promises and fabricated numbers.”
If convicted on all counts, including conspiracy to commit wire fraud, wire fraud, and unlawful financial transactions, Singh could face up to 150 years in prison. The case is being prosecuted by Assistant U.S. Attorney Kiran N. Bhat, with asset forfeiture proceedings handled by Assistant U.S. Attorney Marx Calderon.
The U.S. Securities and Exchange Commission’s Miami Regional Office also played a supporting role in the investigation.
As always, an indictment is only an allegation. Singh is presumed innocent unless and until proven guilty in a court of law. But for many Haitian families who trusted him with their life savings, that presumption is of little comfort.
Reported by OpaMusic.com based on official FBI and Department of Justice press statements.
