BERGEN COUNTY, NJ – On Friday, Chander Singh of Teaneck, New Jersey was sentenced to 8 years in New Jersey State Prison for money laundering related to a Ponzi scheme. Singh, a licensed real estate agent, and his company, SC Capital Investors LLC, were found guilty of defrauding numerous investors over a five-year period.
Investigators from the Bergen County Prosecutor’s Office Financial Crimes Unit received multiple complaints about Singh and his company starting from February 2020. Victims alleged that they were owed money from various real estate transactions.
The investigation revealed a complex scheme wherein Singh promised investors double-digit returns on their investments.
However, Singh was found to be running a Ponzi-like scheme, soliciting money from around 30 investors using a network of entities under the umbrella of SC Capital Investors LLC. Singh pled guilty to first-degree money laundering on March 16, 2023, and was subsequently sentenced by the Honorable Gary Wilcox, J.S.C., to 8 years in prison with a 3-year period of parole ineligibility.
The fraudulent scheme caused victims to lose as much as $4.7 million.