How ‘billionaire fraudster’ with fleet of Rolls Royces being hunted by FBI Dozy Mmobuosi fleeced investors and ‘looted’ businesses while claiming to be the saviour of struggling Sheffield United
An alleged ‘billionaire fraudster’ who lived a life of luxurious and supplied to save Sheffield United soccer membership is now being hunted by the FBI after being accused of ‘fleecing’ investors and disappearing and not using a hint from his London house.
Nigerian-born Dozy Mmobuosi, 45, vanished from his luxurious Eccleston Square, London townhouse early final month, his neighbours instructed 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 corporations Tingo Mobile and Tingo Foods and claiming they had been ‘operational’, ‘worthwhile’ and ‘producing a whole bunch of thousands and thousands of {dollars} in income’, the indictment states.
Mmobuosi, actual title Odogwu Banye Mmobuosi, has been accused of ‘reaping thousands and thousands of {dollars} in illicit earnings’ via unlawful share gross sales and ‘looting’ at the least £16million from ‘publicly listed corporations’.
He is known to have bought a fleet of Rolls Royces, employed bodyguards and a private chef, and spent off at the least £6.5million in a failed bid to Sheffield United soccer membership.
He can be alleged to owe tens of hundreds of kilos in unpaid hire to landlords in each London and Hertfordshire.
Mmobuosi, whose present whereabouts stay unknown, reportedly ‘popped up’ in Nigeria just a few days in the past to launch a meals processing plant that he allegedly claims would create 12,000 jobs.
He and Tingo Group, his world Fintech and Agri-Fintech group of corporations, deny all wrongdoing – however he’s accused of virtually ‘completely fabricating’ his businesses accounts.
US prosecutors in Manhattan unveiled legal prices in opposition to Mmobuosi in early January, saying he lied to investors about his corporations’ funds.
They say Mmobuosi falsely represented that his Tingo Mobile mobile enterprise and Tingo Foods agriculture enterprise had been worthwhile, producing a whole bunch of thousands and thousands of {dollars} of income.
He offered each businesses to Tingo Group and Agri-Fintech Holdings, prompted them to falsely painting the businesses as ‘cash-rich, revenue-generating corporations,’ and looted thousands and thousands of {dollars} by misappropriating money and promoting inventory at inflated costs, the indictment mentioned.
The alleged scheme occurred from 2019 to 2023, in accordance to prosecutors.
Mmobuosi quickly 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 mentioned Mmobuosi siphoned at the least £12million ($16million) from Tingo Group. It mentioned he used the cash to purchase his luxurious vehicles and journey on personal jets, and to attempt to purchase the Sheffield United soccer group when it was in the decrease Championship league.
He made funds of £343,000 and £378,000 to luxurious automobile dealership HR Owen in 2022, the US courtroom filings state.
It isn’t recognized what sorts of vehicles he bought, however his neighbours instructed the Times he had Rolls-Royce Cullinan SUVs, a Rolls-Royce saloon and a Mercedes G-Class 4×4.
And in accordance to the Times, he additionally splashed out the money on costly events at unique accommodations equivalent to the Dorchester – spending £800,000 there between May 2022 and February 2023 alone.
The courtroom filings additionally state that he transferred giant funds of cash, through 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 be mentioned to have pumped shut to £9million into the Bramall Lane membership to assist the cash-strapped Blades fulfil their monetary obligations on the expectation his protracted buy-out would be ratified early in 2023.
According to the SEC criticism, Tingo Mobile purports to provide cell handsets and associated providers to farmers in Nigeria, while Tingo Foods is a purported meals processor.
Tingo Group is a defendant in the SEC case, and has mentioned it supposed to vigorously defend itself.
The indictment was made public almost seven months after the short-seller Hindenburg Research accused Tingo Group of having ‘fabricated’ its financials, and challenged Mmobuosi’s declare to have developed Nigeria’s first cell cost app.
However, in a press release issued to the African press final month, Mmobuosi mentioned: ‘I want to make it unequivocally clear that these allegations are unfounded and we’re making ready to contest them to the full extent of our capability.’
He added: ‘I’m resident in the United Kingdom and can not be mentioned to be at giant.’
