The United States Securities and Exchange Commission (SEC) has accused Tingo Group Inc. and its CEO, Mmobuosi Banye, also known as Dozy Mmobuosi, of engaging in a multi-year scheme to inflate financial performance metrics.

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The SEC alleges that Tingo Group Inc. misrepresented having $461.7 million in its Nigerian subsidiary Tingo Mobile’s bank accounts when the actual balance was reportedly less than $50.

The complaint filed on December 18, 2023, claims that Mmobuosi orchestrated a plan to fabricate financial statements, misrepresent business operations, and obtain funds through fraudulent schemes.

The SEC seeks emergency relief to prevent the dissemination of false information and protect investor assets.

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Charges include violating anti-fraud provisions and lying to auditors. The case is filed in the U.S. District Court for the Southern District of New York.