TRENTON, NJ – Attorney General Matthew J. Platkin announced today that a state grand jury has indicted two men from Middlesex County for orchestrating a multi-million dollar investment fraud.

Shahid Javed, 39, of Old Bridge, and Wilfredo Topacio, 64, of Woodbridge, face multiple charges, including first-degree conspiracy, second-degree theft by deception, and first-degree money laundering.

The indictment details a fraudulent scheme starting in March 2018 and continuing until April 2023, where Javed and Topacio allegedly deceived investors into pouring approximately $6.7 million into what were presented as lucrative fuel product investments.

These investments were purportedly with two companies, Prime Petroleum, LLC, and Petro Traders Group, LLC. However, according to allegations, these entities were merely fronts for the defendants to siphon investor funds for personal use, such as buying luxury cars, covering personal debts, and making payments to acquaintances.

Further complicating their legal troubles, Javed is accused of issuing a bad check to an investor, adding to the litany of financial deceptions.

The duo also reportedly used the invested money to fabricate returns, paying out over $500,000 to sustain the illusion of a profitable enterprise.

Attorney General Platkin emphasized the predatory nature of the scheme, noting the defendants’ exploitation of investors with promises of substantial and guaranteed returns, only to misuse those investments for personal gain.

The case highlights the ongoing efforts of New Jersey authorities to combat financial fraud and protect investors from such deceptive practices.

Phil Stilton Latest posts

Phil Stilton is the Editor and Publisher of Shore News Network, an independent digital newsroom providing original reporting on New Jersey, national news, government, public policy, public safety, courts, and community affairs.

As founder of the publication, Stilton leads editorial strategy, investigative reporting, and daily newsroom operations while overseeing coverage that reaches millions of readers annually.

With extensive experience covering municipal government, county government, state legislatures, elections, law enforcement, emergency management, and public records, Stilton specializes in translating complex government actions into clear, factual reporting. His work frequently relies on primary source documents, including court filings, legislation, public meeting records, election finance disclosures, government databases, police reports, and Freedom of Information and Open Public Records Act (OPRA) requests. He has reported extensively on local government accountability, taxpayer spending, campaign finance, public corruption investigations, infrastructure, public safety, and the policies affecting New Jersey residents.

Under Stilton's editorial leadership, Shore News Network has grown into one of New Jersey's largest independent digital news organizations, publishing thousands of original news articles each year while providing breaking news coverage, investigative reporting, and analysis across state and local government. The publication's reporting is routinely sourced from official government agencies, public officials, court records, and firsthand documentation, with a commitment to transparency, attribution, corrections when warranted, and clearly distinguishing factual reporting from opinion.

Stilton's journalism follows established newsroom standards emphasizing accuracy, verification, fairness, and accountability. Every effort is made to verify information through official records and multiple reliable sources before publication. His reporting is intended to provide readers with timely, well-documented information that helps them understand the issues affecting their communities, while maintaining editorial independence from political parties, government agencies, advocacy organizations, and commercial interests.

Readers can submit story tips, corrections, public records, or media inquiries through the official Shore News Network website or its verified social media channels. Shore News Network welcomes corrections and updates when new information becomes available as part of its ongoing commitment to accurate and transparent journalism.