Arrest Made in Alleged $20M Affinity Fraud Case that Authorities Say Targeted Ethnic Indian Fijian Community
Vincent Thakur Singh, formerly of Elk Grove, California, has been arrested for allegedly defrauding 190 members of the ethnic Indian Fijian community out of approximately $20 million.
According to the 24-count indictment, unsealed last week, Singh carried out the alleged investment fraud through an entity known as the Perfect Financial Group.
Investors were told their funds were being used for hard money lending, but authorities allege that Singh actually used the money for gambling, personal projects, and business ventures. The indictment also alleges that he used some of the money to make “profit” payments to earlier “investors.”
Singh was arrested last week in Caldwell, Idaho. If convicted, he faces up to 20 years in prison for each count of wire fraud. He also has been charged with committing fraud crimes related to a 2010 bankruptcy proceeding. If convicted on those charges, he faces an additional five years in prison for each count of bankruptcy fraud. For additional information about the Vincent Singh affinity fraud case, click here.