Florida trucking company owner ordered to pay $51 million for ‘elaborate’ Ponzi scheme

The owner of Florida trucking company Royal Bengal Logistics, Inc. was ordered to pay tens of millions in restitution for orchestrating an “elaborate Ponzi fraud scheme.”

On February 9, 2026, Sanjay Singh, owner of Coral Springs-headquartered Royal Bengal Logistics (RBL), was ordered to pay $51,199,671 in judgement and restitution to the victims of his investment fraud scheme, according to the U.S. Department of Transportation-Office of Inspector General (DOT-OIG).

In May 2025, Singh was sentenced to  23 years in a federal prison after he was convicted by a jury on eight counts related to wire fraud, money laundering, and conspiracy.

According to the U.S. Attorney’s Office for the Southern District of Florida, the Ponzi scheme began in January 2020 and continued until Singh was arrested.

The Ponzi scheme targeted about 2,000 investors, with many coming from the Haitian-American community.

Officials said that Singh and co-conspirators invited victims to invest in RBL by purchasing contracts that promised high returns on investment.

As part of the scheme, Singh told investors that RBL was “a thriving and successful trucking business, all while RBL’s actual trucking business lost money.”

“Singh and his co-conspirators made material misrepresentations and material omissions about the riskiness of investing in RBL, the profitability of RBL’s trucking operations, how RBL would pay its investors, and how RBL would use investor funds. Through these material misrepresentations and omissions, Singh and his co-conspirators raised over $158 million from investors, which Singh and his co-conspirators then used in part to pay existing investors promised returns,” the U.S. Attorney’s Office said.

Singh was further accused of misappropriating the funds to “renovate his home, make mortgage payments, pay for personal expenses, and trade stocks on margin.”

Officials also said that Singh sent millions of dollars overseas to family members in India.

This case was investigated by DOT-OIG with the Federal Bureau of Investigation and the Florida Office of Financial Regulations.