July 16, 2023
3 min

Florida's Royal Bengal Logistics an alleged $112M Ponzi scheme - Overdrive

Florida-based trucking and logistics company, Royal Bengal Logistics Inc. and its owner Sanjay Singh have been charged by the U.S. Securities and Exchange Commission for allegedly operating a Ponzi scheme. The SEC said the company raised $112m from around 1,500 investors in an unregistered securities offering, which targeted Haitian-Americans. The SEC alleges Royal Bengal assured investors it generated up to $1m in revenue monthly and offered high-yield investment programs offering guaranteed returns. The company allegedly operated at a loss and used about $70m of new investor funds to make Ponzi payments.

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Adhikansh Gupta
Content Manager

Writer and editor who covers the latest trends and innovations in the software-as-a-service (SaaS) industry