A trucking company owner has been sentenced to 23 years in prison for a $54M ponzi scheme that swindled 2,000 investors. 

45-year-old Sanjay Singh, owner of Royal Bengal Logistics, was sentenced to 23 years on Friday, May 30th in Fort Lauderdale, Florida court. 

According to Miami Herald, Singh promised ownership in his trucking company and double digit returns on their investment to mostly working class investors. Singh was able to take millions from about 2,000 investors in what federal prosecutors called a “ponzi scheme.” Those 2,000 people were swindled out of about $54 million in Singh’s bad deal. 

In order to secure the investments, Singh made claims that Royal Bengal Logistics was already bringing in $1 million in revenue a month, and that the investments would help the company expand its fleet to 200 trucks, and help to build a maintenance facility for the fleet in Lubbock, Texas.

Singh reportedly used the investments he was given for the trucking company to buy himself a Mercedes, renovate his home, and attempt to play the stock market through day trading. During this time, the trucking company that the investors thought they were investing in was losing money. Singh and some of his employees also used money from new investors to pay previous investors. 

“Mr. Singh, if you are not aware, and just like you, my wife and many others you duped are immigrants who came to the US to further our education and/or seek a better life,” a 66-year-old victim wrote in a letter filed in the court. “You stole our happiness, our retirement, our financial freedom, and our money that we entrusted you with.” 

Singh was convicted of conspiracy, wire fraud, and money laundering in November of 2024. He will spend the next 23 years in federal prison.