Tingo's stocks tumble amid fraud allegations

From misrepresentation to tax delinquency and accounting fraud, the accusations by the short-seller sent Tingo Group’s share price crashing by roughly half on Nasdaq as investors’ confidence sank.

“Media outlets later uncovered that Tingo had photoshopped its logo onto pictures of airplanes. Dozy later admitted to never owning any actual aircraft.”centring on the issuance of bad checks led to Mr Mbobuosi’s arrest in 2017 before arbitration laid the case to rest. Hindenburg, in March, aimed Block Inc, a payments company led by Twitter co-founder Jack Dorsey, on discovering that the organisation deceitfully increased its user numbers and understated its spending on customer acquisition.

Adani Group, the empire controlled by Gautam Adani, the world’s 24th richest man by Forbes ranking, lost $100 billion in valuation at the beginning of May following Hindenburg’s revelation of its improper use of offshore tax havens.

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Nigerian ‘Billionaire’ Founder Of Tingo Group, Dozy Mmobuosi, Accused Of ‘Brazen’ Fraud, Lying About $1.6Billion Food Processing Facility, Telecom Operations In Nigeria, Ghana, PhD From Malaysian Varsity, Others –Report | Sahara ReportersAn investigation by Hindenburg Research has found that Tingo Group, founded and spearheaded by “Dozy” Mmobuosi, CEO of the key holding company entity is an exceptionally obvious scam with completely fabricated financials. Tingo Group which is headquartered in New Jersey, United States of America, claims to have several business segments focused on providing mobile phones, food processing and an online food marketplace for farmers primarily located in Nigeria.
Source: SaharaReporters - 🏆 9. / 63 Read more »

Report: How Nigerian businessman Mmobuosi lied about his credentials, ran fraudulent company | TheCableHindenburg Research, a U.S. investment research firm focused on activist short-selling, has accused Tingo Group, a fintech company, of being an “exceptionally obvious scam with completely fabricated financials”
Source: thecableng - 🏆 2. / 80 Read more »