The indictment alleges that Singh carried out an investment fraud through an entity known as the Perfect Financial Group. According to the indictment, Singh targeted 190 members of the ethnic Indian Fijian community for an investment fraud that grossed approximately $20 million.
Singh told investors that he was using their money for hard money lending, but actually, he put it to other purposes. The indictment alleges that he lost $12 million through gambling; diverted more than $2 million to personal bank accounts and withdrew much of that in cash; spent $880,000 on a film project; and spent more than $1 million on other business ventures. Singh also used the money to pay other victims, falsely representing that the payments were profits from the short-term hard money lending business.
According to court documents, on August 19, 2010, Singh declared bankruptcy and committed fraud crimes in the bankruptcy. In the bankruptcy, Singh allegedly failed to disclose bank accounts and tried to induce his victims not to participate in the bankruptcy proceedings.
Singh could face up to 20 years in prison for each count of wire fraud and five years in prison for each count of the bankruptcy crimes.