‘Fraudster’ with fleet of Rolls-Royces ‘looted £16m from companies and tried to buy Sheffield United’ – before disappearing – The Sun
An alleged ‘fraudster’ who owned a fleet of Rolls-Royces allegedly looted £16million from companies and tried to buy Sheffield United before disappearing.
Dozy Mmobuosi, 45, disappeared from his luxury property in Eccleston Square, London, early last month, his neighbors told The Times.
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He disappeared after US authorities accused him of securities fraud, filing false returns with the Securities and Exchange Commission (SEC) and conspiracy charges following a FBI research.
Mmobuosi, whose real name is Odogwu Banye Mmobuosi, claims to have set up Tingo Mobile in the early 2000s, with the aim of helping rural farmers. Nigeria to maximize their revenues and profits.
But Nigerian-born Dozy is accused of “falsely representing” his companies Tingo Mobile and Tingo Foods, according to the indictment.
US prosecutors in Manhattan unveiled criminal charges against Mmobuosi in early January, alleging he lied to investors about his companies’ finances.
According to prosecutors, the alleged scheme took place between 2019 and 2023.
They say Mmobuosi falsely represented his as Tingo Mobile company and Tingo Foods’ agricultural operations were profitable, generating hundreds of millions of dollars in revenue.
In 2019, Mmobuosi stated that he had rented smartphones to millions of customers for a small fee.
In addition to allegedly defrauding investors around the world, the SEC said Mmobuosi is accused of “looting” at least £16 million from listed companies to fund his lavish lifestyle.
It said he was the money to buy his luxury cars, traveled on private jets and employed bodyguards and a personal chef.
He made payments of £343,000 and £378,000 to US luxury car dealer HR Owen in 2022. court files.
Although it is not known what kind of cars he bought, neighbors told him the times he had Rolls-Royce Cullinan SUVsa Rolls Royce sedan and a Mercedes G-Class 4×4.
“They left their engines running day and night and he simply paid daily parking fines for each vehicle,” said one resident.
Mmobuosi was also touted as a potential savior Sheffield United and was linked to a £115 million takeover bid.
The African tycoon is also said to have pumped almost £9million into the Bramall Lane club to help the cash-strapped Blades meet their financial obligations.
The club was languishing in the Championship at the time, but the deal was eventually broken off.
Mmobuosi agreed terms with Blades owner Prince Abdullah Bin Mosaad Bin Abdulaziz al-Saud and said he had paid a deposit.
But the English Football League asked him and the club to answer further questions so it could decide whether to approve the takeover.
Talks between the prince and Mmobuosi, who had previously expressed interest in investing in Southampton FC and Crystal Palace, subsequently broke down.
According to The timeshe also blew the money on expensive parties at exclusive hotels such as the Dorchester – where £800,000 was spent between May 2022 and February 2023 alone.
The court documents also state that he transferred large sums of money through intermediaries from an account of the Tingo Group to an account in his own name at the London branch of the Swiss private bank EFG.
The SEC’s civil claim states: “Mmobuosi prepared false financial statements and falsified supporting materials to falsely portray Tingo Mobile as a thriving and profitable business with hundreds of millions of annual revenues.
“In reality, the company had no meaningful operations or customers in 2019 and had approximately $15 in its bank account.”
Mmobuosi is also said to owe tens of thousands of pounds in unpaid rent to landlords in both London and Hertfordshire.
Mmobuosi, however, denies any wrongdoing.
In a statement to the African Press last month, Mmobuosi said: “I want to make it unequivocally clear that these allegations are baseless and we are preparing to contest them to the full extent of our capacity.”
He added: “I live in the UK and it cannot be said that I am at large.”
Announcing the criminal charges against Mmobuosi in New York last month, James Smith, a deputy director of the FBI, described the alleged fraud as “an unseemly display of greed and corruption of our financial markets.”
Mmobuosi, a married father of three, appointed Christopher Cleverly, a British lawyer and cousin of James Slimthe Minister of the Interior, as an important business leader.
However, the lawyer seemed to indicate that he too may be a victim of the alleged fraud.
“My contracts were never honored and I still owe over $1 million in salary and out-of-pocket expenses,” he said.
If Mmobuosi is still living in Britain and is extradited to stand trial in the US – where he faces up to 45 years in prison – James Cleverly could have to sign the order to have him transferred to America.