Former Chief Executive Officer of Tingo Group, Odogwu Banye Mmobuosi, widely known as “Dozy Mmobuosi,” has been charged with fraud, conspiracy, and forgery by U.S. prosecutors in Manhattan.
The 45-year-old entrepreneur is accused of falsifying documents and deceiving investors through false filings with the U.S. Securities and Exchange Commission (SEC).
The United States Attorney for the Southern District of New York, Damian Williams, and James Smith, the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (FBI), announced Mmobuosi’s indictment on Tuesday.
According to Damian Williams, “Dozy Mmobuosi allegedly orchestrated a massive scheme to inflate Tingo Group’s financial statements and make it appear as though the cellular and agriculture companies he founded were profitable and cash-rich when, in fact, they were not. With this indictment, Mmobuosi’s alleged deceitful scheme comes to an end.”
Mmobuosi gained attention in the business world and sports when he attempted to buy Premier League side Sheffield United, a move that was ultimately unsuccessful.
The charges against Mmobuosi stem from a period between 2019 and 2023, during which he is accused of falsely representing that the Nigerian companies he founded, Tingo Mobile and Tingo Foods, were operational and highly profitable, generating hundreds of millions of dollars in revenue.
The three-count charge includes conspiracy, which carries a maximum sentence of five years in prison; securities fraud under Title 15, which carries a maximum sentence of 20 years; and making false filings with the SEC, which also carries a maximum sentence of 20 years.
As of now, Mmobuosi is reportedly at large.
