A Coral Springs man is accused of tricking investors out of $100 million in a Ponzi scheme that lasted three years, federal prosecutors announced Friday.

The investors were told they’d make more than they spent. In actuality, the business wasn’t making money and they were contributing to a Ponzi scheme, and Sanjay Singh’s pockets, according to an indictment.

Singh, 43, was charged earlier this month with conspiracy to commit wire fraud, several counts of wire fraud and engaging in transactions in unlawful proceeds. The fraudulent scheme began in 2020, and he and co-conspirators garnered over $100 million by February 2023, the indictment said.

Singh, founder and president of Royal Bengal Logistics Inc. based in Coral Springs, told investors that his trucking business’ “truck program” would use their money to buy and operate trucks and ensured their monthly returns would be 200 percent, the indictment said, while other types of investments would give guaranteed returns of 20 to 40 percent.

Singh and his co-conspirators, who are not named in the indictment, then allegedly started asking investors to send their money through companies, some of which Singh and the co-conspirators helped them incorporate, in order to hide where the money into his bank account was coming from, the indictment said.

The business wasn’t profitable enough to fund its operations or the obligations to investors, the indictment said, so Singh began paying previous investors their returns with money from new investors. Singh also allegedly used millions of investors’ dollars to make mortgage payments, renovate his home, fund brokerage accounts and as collateral for stock trade.

The indictment included seven different dates between November 2021 and February 2023 where Singh made large interstate wire transfers to his business bank account, ranging from $15,000 to $155,000.

Federal prosecutors said in a news release Friday that if Singh is convicted of all charges, he faces a maximum penalty of 150 years in prison. He was released Thursday on a $1 million bond, court records show.