Emmanuel OchayiIn a development, U.S. Attorney Damian Williams and FBI Assistant Director James Smith disclosed an indictment against Odogwu Banye Mmobuosi, also known as “Dozy Mmobuosi,” the founder and former CEO of Tingo Companies, accusing him of orchestrating securities fraud scheme.
Williams said: “Mmobuosi’s alleged deceitful scheme comes to an end.” Meanwhile, Smith condemned the alleged fraud as a “display of greed and corruption.”
Join our WhatsApp ChannelThe indictment, announced in Manhattan Federal Court, claims that from 2019 to 2023, Mmobuosi falsified the financial health of Nigerian companies Tingo Mobile and Tingo Foods, which he founded.
He purportedly sold these companies to U.S.-listed entities, deceiving them into portraying inflated revenues. Subsequently, Mmobuosi allegedly siphoned funds and profited from inflated share prices.
Mmobuosi, currently at large and facing charges including securities fraud and making false filings, could face a maximum of 20 years in prison per count if convicted.
Authorities stressed that the accusations are not proof of guilt and the defendant is presumed innocent until proven otherwise.
Williams commended the FBI’s investigative efforts and acknowledged the SEC’s concurrent civil proceedings against Mmobuosi. The Securities and Commodities Fraud Task Force is leading the prosecution, led by Assistant U.S. Attorneys Peter Davis and Kiersten A. Fletcher.
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