How ‘fraudster’ Dozy Mmobuosi fleeced traders & ‘looted’ companies

An alleged ‘billionaire fraudster’ who lived a lifetime of luxurious and supplied to avoid wasting Sheffield United soccer membership is now being hunted by the FBI after being accused of ‘fleecing’ traders and disappearing and not using a hint from his London dwelling.

Nigerian-born Dozy Mmobuosi, 45, vanished from his luxurious Eccleston Square, London townhouse early final month, his neighbours informed The Sunday Times.

He disappeared after US authorities charged him with securities fraud, making false filings with the Securities and Exchange Commission (SEC), and conspiracy prices following an FBI investigation.

He has been accused of ‘falsely representing’ his firms Tingo Mobile and Tingo Foods and claiming they had been ‘operational’, ‘worthwhile’ and ‘producing tons of of tens of millions of {dollars} in income’, the indictment states.

Mmobuosi, actual title Odogwu Banye Mmobuosi, has been accused of ‘reaping tens of millions of {dollars} in illicit income’ by way of unlawful share gross sales and ‘looting’ no less than £16million from ‘publicly listed firms’.

Nigerian-born Dozy Mmobuosi, 45, vanished from his luxurious Eccleston Square, London townhouse early final month

Mmobuosi, (pictured alongside Anthony Joshua) whose present whereabouts stay unknown, reportedly ‘popped up’ in Nigeria a couple of days in the past to launch a meals processing plant that he allegedly claims would create 12,000 jobs

He is known to have bought a fleet of Rolls Royces, employed bodyguards and a private chef, and spent off no less than £6.5million in a failed bid to Sheffield United soccer membership. 

He can also be alleged to owe tens of hundreds of kilos in unpaid lease to landlords in each London and Hertfordshire.

Mmobuosi, whose present whereabouts stay unknown, reportedly ‘popped up’ in Nigeria a couple of days in the past to launch a meals processing plant that he allegedly claims would create 12,000 jobs.

He and Tingo Group, his international Fintech and Agri-Fintech group of firms, deny all wrongdoing – however he’s accused of virtually ‘completely fabricating’ his companies accounts.

US prosecutors in Manhattan unveiled legal prices in opposition to Mmobuosi in early January, saying he lied to traders about his firms’ funds.

They say Mmobuosi falsely represented that his Tingo Mobile mobile enterprise and Tingo Foods agriculture enterprise had been worthwhile, producing tons of of tens of millions of {dollars} of income.

He offered each companies to Tingo Group and Agri-Fintech Holdings, brought on them to falsely painting the companies as ‘cash-rich, revenue-generating firms,’ and looted tens of millions of {dollars} by misappropriating money and promoting inventory at inflated costs, the indictment stated.

The alleged scheme occurred from 2019 to 2023, in accordance with prosecutors.

Mmobuosi additionally spent tens of millions on a failed bid to take over Sheffield United Football Club

Mmobuosi denies all wrongdoing and beforehand informed African media he was resident within the UK and due to this fact not ‘at giant’

Mmobuosi briefly stepped down as Tingo Group’s co-CEO on December 20 least 12 months, two days after the SEC filed civil prices accusing him of orchestrating a ‘staggering’ fraud.

The SEC stated Mmobuosi siphoned no less than £12million ($16million) from Tingo Group. It stated he used the cash to purchase his luxurious automobiles and journey on personal jets, and to attempt to purchase the Sheffield United soccer group when it was within the decrease Championship league.

He made funds of £343,000 and £378,000 to luxurious automobile dealership HR Owen in 2022, the US court docket filings state.

It will not be identified what kinds of automobiles he bought, however his neighbours informed the Times he had Rolls-Royce Cullinan SUVs, a Rolls-Royce saloon and a Mercedes G-Class 4×4.

And in accordance with the Times, he additionally splashed out the money on costly events at unique lodges such because the Dorchester – spending £800,000 there between May 2022 and February 2023 alone. 

The court docket filings additionally state that he transferred giant funds of cash, by way of intermediates, from a Tingo Group account to an account in his personal title at the London department of Swiss personal financial institution EFG.

Mmobuosi was additionally touted as a possible saviour for Sheffield United and was linked to a £115 million takeover bid. 

The African tycoon can also be stated to have pumped near £9million into the Bramall Lane membership to assist the cash-strapped Blades fulfil their monetary obligations on the expectation his protracted buy-out can be ratified early in 2023.

According to the SEC criticism, Tingo Mobile purports to produce cellular handsets and associated providers to farmers in Nigeria, whereas Tingo Foods is a purported meals processor.

Tingo Group is a defendant within the SEC case, and has stated it supposed to vigorously defend itself.

The indictment was made public almost seven months after the short-seller Hindenburg Research accused Tingo Group of getting ‘fabricated’ its financials, and challenged Mmobuosi’s declare to have developed Nigeria’s first cellular cost app.

However, in a press release issued to the African press final month, Mmobuosi stated: ‘I want to make it unequivocally clear that these allegations are unfounded and we’re getting ready to contest them to the complete extent of our capability.’

He added: ‘I’m resident within the United Kingdom and can’t be stated to be at giant.’