Tingo Group, a financial technology company that was the subject of a short seller report, was sued by the US Securities and Exchange Commission for allegedly overstating its financial results in an ongoing fraud of “staggering” scope.
Tingo and two related companies, Tingo International Holdings Inc. and Agri-Fintech Holdings Inc., have booked billions of dollars in false transactions through two Nigerian subsidiaries since 2019, according to the lawsuit, filed Monday in federal court in Manhattan. Tingo reported hundreds of millions of dollars in fake revenues and assets, the SEC alleges.
The regulator accused Tingo’s chief executive officer, Mmobuosi ...
