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Damian Williams, the United States Attorney for the Southern District of New York, and James Smith, the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (FBI), have announced the unsealing of a significant Indictment involving securities fraud, false filings with the Securities and Exchange Commission (SEC), and conspiracy charges. The indictment charges ODOGWU BANYE MMOBUOSI, also known as "Dozy Mmobuosi," for his alleged involvement in a massive scheme to manipulate financial statements and deceive investors.

According to the allegations outlined in the recently unsealed Indictment filed in Manhattan federal court, MMOBUOSI, a Nigerian businessman, is accused of orchestrating a fraudulent scheme between 2019 and 2023. The scheme involved misrepresenting the financial health of two Nigerian companies he founded, Tingo Mobile and Tingo Foods. MMOBUOSI allegedly portrayed these companies as operational and profitable, claiming they generated hundreds of millions of dollars in revenue.

Exploiting this false perception, MMOBUOSI proceeded to sell Tingo Mobile and Tingo Foods to U.S.-listed companies, including Tingo Group (Nasdaq: TIO) and Agri-Fintech Holdings (OTC: TMNA). Consequently, MMOBUOSI caused Tingo Group and Agri-Fintech to issue misleading financial statements that falsely depicted Tingo Mobile and Tingo Foods as cash-rich, revenue-generating entities. In reality, these companies were not as profitable as MMOBUOSI claimed.

In addition to the misrepresented financial statements, MMOBUOSI is accused of misappropriating funds from Tingo Group and Agri-Fintech, thereby enriching himself at the expense of these companies. Furthermore, he allegedly engaged in strategically timed sales of their shares at inflated prices, generating millions of dollars in illicit profits from his deceitful scheme.

ODOGWU BANYE MMOBUOSI, 45, currently remains at large, and a warrant has been issued for his arrest. He faces multiple charges including conspiracy, securities fraud, and making false filings with the SEC. Each charge carries a maximum sentence of up to 20 years in prison, depending on the conviction.

U.S. Attorney Damian Williams commended the FBI for their exceptional investigative efforts in this case. The Securities and Commodities Fraud Task Force of the Southern District of New York is leading the prosecution, with Assistant U.S. Attorneys Peter Davis and Kiersten A. Fletcher at the helm.

It is important to note that the charges against MMOBUOSI are allegations, and he is presumed innocent until proven guilty in a court of law. The maximum potential sentences mentioned are provided for informational purposes and will be determined at the discretion of the judge overseeing the case.

The U.S. Securities and Exchange Commission (SEC) has also initiated separate civil proceedings against the defendant. Williams expressed gratitude to the SEC for their collaboration and support throughout the investigation.

This indictment serves as a stern warning to those in the financial sector who engage in fraudulent activities. The U.S. authorities remain vigilant in their pursuit of justice and are dedicated to ensuring the integrity of the securities market.