Tingo Group Inc. lied about having $461.7 million in its subsidiary, Tingo Mobile’s Nigerian bank accounts, when, in reality, the accounts held only $50, according to the United States Securities and Exchange Commission.

This was revealed by the SEC on Monday when it revealed charges against Mmobuosi Banye, also known as Dozy Mmobuosi, and three connected US-based companies, Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc., all of which he serves as CEO.

Mmobuosi was accused of lying to auditors, engaging in insider trading, and neglecting to submit Form 4 revealing the sales of millions of Agri-Fintech common stock, of which he was the ultimate beneficial owner, according to the commission.

In a statement, the SEC said, “The SEC’s complaint, filed on December 18, 2023, alleges that, since at least 2019, Mmobuosi spearheaded a scheme to fabricate financial statements and other documents of the three entities and their Nigerian operating subsidiaries, Tingo Mobile Limited and Tingo Foods PLC. The complaint further alleges that Mmobuosi made and caused the entities to make material misrepresentations about their business operations and financial success in press releases, periodic SEC filings, and other public statements.

“For instance, Tingo Group’s fiscal year 2022 Form 10-K filed in March 2023 reported a cash and cash equivalent balance of $461.7m in its subsidiary Tingo Mobile’s Nigerian bank accounts. In reality, those same bank accounts allegedly had a combined balance of less than $50 as of the end of fiscal year 2022. According to the SEC’s complaint, Defendants also fabricated the customer relationships that formed the basis of their purported businesses.

“The complaint alleges that Mmobuosi and the entities he controls have fraudulently obtained hundreds of millions in money or property through these schemes, and that Mmobuosi has siphoned off funds for his benefit, including purchases of luxury cars and travel on private jets, as well as an unsuccessful attempt to acquire an English Football Club Premier League team, among other things.”

The four defendants in the SEC’s case are accused of breaking the federal securities laws’ anti-fraud provisions. The case was filed in the U.S. District Court for the Southern District of New York. The SEC states that it is requesting emergency relief to safeguard investor and corporate assets and stop the defendants from continuing to provide investors with materially false information.