Four family members and a friend allegedly tricked investors out of $4.7 million using a Ponzi-like scam in an attempt to save the lead defendant’s foundering investment firm, prosecutors have charged.
Chander Singh, founder of SC Capitol Investors LLC, is accused of enlisting his parents Sooruj and Savitree Singh, his brother Subhas Singh and their family friend Chandrika Singh, all of whom work as real estate agents, to swindle as many as 30 investors by offering double digit returns on fake ventures, according to the Bergen County Prosecutor’s Office.
While investigators were tipped to Chander Singh’s alleged scam by bamboozled stakeholders in February, prosecutors claim he may have been perpetrating the rouse since 2014.
Chander Singh stands charged with money laundering, theft, forgery and records tampering. All five defendants are charged with various conspiracy-related offenses.
“Mr. Singh maintains his innocence,” stated Jef Henninger, an attorney representing Subhas Singh. Henninger rebuked the charge of conspiracy, adding, “We have seen no evidence that our client was aware of any illegal activity and/or agreed to participate in illegal activity.”
They were remanded to Bergen County Jail pending their first appearances in Superior Court.