After he was accused of ‘fleecing’ investors and vanishes from his London house without a trace, an alleged ‘billionaire fraudster’ who lived a lavish lifestyle and vowed to save Sheffield United football club is suddenly under FBI investigation.
Dozy Mmobuosi, 45, a native of Nigeria, disappeared from his opulent Eccleston Square, London, townhouse early last month, according to his neighbours, who spoke to The Sunday Times.
Following an FBI investigation, he was accused by US authorities with conspiracy, making false filings with the Securities and Exchange Commission (SEC), and securities fraud. After that, he vanished.
According to the indictment, he has been charged with “falsely representing” Tingo Mobile and Tingo Foods, saying they were “operational,” “profitable,” and “generating hundreds of millions of dollars in revenue.”
The full name of Mmobuosi is Odogwu Banye Mmobuosi. He has been charged with ‘looting’ at least £16 million from ‘publicly listed companies’ and’reaping millions of dollars in criminal gains’ through unlawful share transactions.
He is reported to have spent at least £6.5 million on a failed bid to acquire Sheffield United football club, hired bodyguards and a personal chef, and amassed a fleet of Rolls Royces.
In addition, he is accused of owing landlords in Hertfordshire and London tens of thousands of pounds in overdue rent.
Unknown to the public, Mmobuosi ‘popped up’ in Nigeria a few days ago to inaugurate a food processing business that he claimed will generate 12,000 employment.
He denies any wrongdoing, as does his global Fintech and Agri-Fintech group of firms, Tingo Group; yet, he is charged with virtually “entirely fabricating” his business accounts.
Early in January, US prosecutors in Manhattan filed criminal accusations against Mmobuosi, claiming he misled investors about the financial standing of his enterprises.
They claim that Mmobuosi made up the story that his Tingo Foods agricultural company and Tingo Mobile cellular firm were successful, bringing in hundreds of millions of dollars.
According to the indictment, he sold both enterprises to Tingo Group and Agri-Fintech Holdings, which led them to misrepresent them as “cash-rich, revenue-generating companies.” He then stole millions of dollars by embezzling cash and selling stock at inflated prices.
The accused plan took place between 2019 and 2023, as stated by the prosecution.
On December 20 of last year, two days after the SEC filed civil charges accusing him of masterminding a “staggering” fraud, Mmobuosi temporarily resigned from his position as co-CEO of Tingo Group.
Mmobuosi stole at least £12 million ($16 million) from Tingo Group, according to the SEC. It stated that he attempted to purchase Sheffield United football team when it was in the lower Championship level, as well as to purchase his fancy cars and take private plane trips with the money.
According to US court documents, he paid HR Owen, a premium auto dealership, £343,000 and £378,000 in 2022.
Although the types of automobiles he bought are unknown, his neighbours informed the Times that he owned a Mercedes G-Class 4×4, a Rolls-Royce saloon, and a Rolls-Royce Cullinan SUV.
Additionally, the Times claims that he lavished money on pricey parties at upscale establishments like the Dorchester, spending £800,000 there in just the months of May 2022 and February 2023.
According to the court documents, he also moved sizable sums of money from a Tingo Group account to an account in his own name at the Swiss private bank EFG’s London branch by means of middlemen.
Mmobuosi was connected to a £115 million buyout attempt and was also hailed as Sheffield United’s rescue.
In an effort to help the financially challenged Blades meet their responsibilities, the African entrepreneur is also rumoured to have invested around £9 million in the Bramall Lane club, with the idea that his lengthy buy-out would be approved early in 2023.
Tingo Mobile and Tingo Foods are purportedly food processors and mobile phone providers, respectively, to Nigerian farmers, according to the SEC lawsuit.
As a defendant in the SEC action, Tingo Group has said that it will mount a strong defence.
Almost seven months after the short-seller Hindenburg Research questioned Mmobuosi’s claim to have created Nigeria’s first mobile payment app and accused Tingo Group of “fabricating” its financials, the indictment was made public.
However, Mmobuosi stated in a statement provided to the African press last month: “We are ready to challenge these allegations to the fullest extent of our abilities and I want to make it absolutely clear that they are unfounded.”
He continued, saying, “I live in the United Kingdom and cannot be said to be at large.
