The Securities and Exchange Commission (SEC) has filed charges against a Florida resident, Sanjay Singh and his logistics firm, Royal Bengal Logistics Inc. The accused is charged with fraudulently raising an estimated $112 million from nearly 1,500 investors in an unregistered securities offering and running a foreign exchange (FX) scam.

Singh is accused of embezzling at least $14 million and transferring $19 million to two separate brokerage accounts. Despite promising investors very high returns, he lost more than $1 million of their money. This loss was due to Singh's involvement in risky and speculative stock margin trading.

he SEC's complaint details that from 2019 through 2023, Singh, via Royal Bengal Logistics Inc., offered high-yield investment programs that reportedly promised returns ranging from %12.5 to 325%. Singh and Royal Bengal allegedly assured investors that their funds would be used for business expansion and enhancing their fleet of semi-trucks and trailers. The defendants claimed that their investment plans were safe and that Royal Bengal was earning up to $1 million in revenue per month.

However, contrary to these claims, the SEC asserts that Royal Bengal was operating at a loss, and about $70 million of fresh investor funds were used for Ponzi-like payments to other investors. Singh is further accused of misappropriating at least $14 million of investor funds for personal use.