Bergen Real Estate Co. Owner Sentenced In $4.7M Ponzi Scheme

BERGEN COUNTY, NJ — A real estate agent defrauded investors out of as much as $4.7 million over five years through an elaborate Ponzi scheme, according to authorities.

Chander Singh, the owner of a "distressed property" renovation company, was just sentenced to eight years in prison for perpetrating an investment and mortgage fraud scheme in which he promised investors double-digit returns, Bergen County Prosecutor Mark Musella said.

A 2020 investigation revealed that Singh had solicited money from approximately 30 investors through a web of entities under the umbrella of SC Capital Investors. He had operated the scheme since at least 2014, at which time he had rolled losses from FC Investments, another failed distressed property "flipping" company, into his newer firm, the prosecutor's office said.

The Teaneck man had pleaded guilty on March 16 to first-degree money laundering in exchange for the state to recommend a sentence in the second-degree range. On Friday, he was sentenced to eight years in New Jersey State Prison, with a 3-year period of parole ineligibility, prosecutors said.

The investigation into Singh and SC Capital Investors launched in February 2020, when the Bergen County Prosecutor's Office began receiving complaints from investors who said they were owed money from real estate transactions. Singh defrauded the victims, with help from co-defendants — who were family members and friends, and who were all licensed real estate agents, prosecutor Musella said.

Musella thanked assistant prosecutor Megan Kilzy for her "zealous advocacy for the victims and their families, and for helping combat large-scale financial crimes in Bergen County," a statement said. He also commended law enforcement members who investigated the matter.