A man formerly from Elk Grove and wanted for federal investment and bankruptcy fraud charges was arrested in Idaho Monday.
Authorities note in a release that they caught up to 43-year-old Vincent Thakur Singh in Caldwell, Idaho. Singh was given a 24-count indictment back on Oct. 4, alleging he targeted 190 people in the ethnic Indian Fijian community and defrauded them out of $20 million through his Perfect Financial Group.
The suit alleges that Singh gambled away $12 million of that money – pocketing around $2 million. He also apparently spent $880,000 on a film project.
Singh then declared bankruptcy in August of 2010, with the suit alleging he failed to tell the court about his bank accounts.
A Department of Justice release notes Singh faces 20 years in prison for each count of wire fraud, plus five years for each bankruptcy fraud count.