NRI sentenced to 15 years for investment fraud

Vincent Singh, 45, has been sentenced by a US court to fifteen and a half years in prison for a $20 million investment fraud in which he targeted members of the Indian-Fijian community. Singh of Elk Grove, was also sentenced for making false statements in bankruptcy. According to the US Attorney, Singh convinced people who considered him a friend to invest with him, but rather than invest the funds he spent them on gambling and frivolous projects. He carried out the fraud through an entity known as the Perfect Financial Group, and targeted 190 members of the ethnic Indian-Fijian community. He told investors he was using their money for hard money lending. He also used millions of dollars of their money to pay early investors, which made the enterprise look genuine and successful. The scheme fell apart when Singh declared bankruptcy and could not disclose 19 of the bank accounts he had allegedly used in the fraud.