Manish Singh, Million Dollar Investment Fraud Scheme, Virginia 2020

ALEXANDRIA, Va. – In a shocking turn of events, Manish Singh, 48, of Owings Mills, Maryland, pleaded guilty to a million-dollar investment fraud scheme in the Eastern District of Virginia.

According to court records and evidence presented at trial, Singh deceived victims into believing they were investing more than $1.2 million in a high-end fabric design business. However, in reality, he fraudulently used their money to fund personal expenses, including viewing live pornography online.

The scheme began in 2016 when Singh entered into an agreement with a married couple to create a business that would design and sell high-end fabrics. The couple was to provide the capital for the business, and Singh was to contribute his expertise and contacts in the fabric industry.

Singh represented to the victim investors that their money was being used for numerous expenses related to the business, such as the manufacture of fabric in India. However, he was using the victims’ money almost entirely for personal expenses.

Based on Singh’s misrepresentations, the victims gave him approximately $1.26 million for the fraudulent joint business venture.

Singh pleaded guilty to wire fraud and identity theft and faces a maximum penalty of 20 years in prison when sentenced on July 30. A federal district court judge will determine any sentence after taking into account the U.S. Sentencing Guidelines and other statutory factors.

Raj Parekh, Acting U.S. Attorney for the Eastern District of Virginia, and James A. Dawson, Special Agent in Charge of the FBI’s Washington Field Office Criminal Division, made the announcement after Senior U.S. District Judge T. S. Ellis III accepted the plea.

Assistant U.S. Attorneys Grace L. Hill and Heidi B. Gesch are prosecuting the case.

A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:20-cr-59.

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