This Report Says Tingo Is A Fraud And Their Stock Came Crashing 80%

Tingo, a Nigeria-based fintech company that offers mobile phones and credit to farmers, has fallen by 80% after short-seller Hindenburg Research alleged that it is an “exceptionally obvious scam.”

In a report published on June 6, Hindenburg Research accused Tingo of misleading investors about its business model and financial performance. The report alleged that Tingo has inflated its customer base and revenue numbers, and that it has engaged in fraudulent activities such as using fake social media accounts to create the illusion of demand for its products.

The allegations against Tingo have sent the company’s stock price plummeting. Tingo’s shares closed down 80% on June 6, the day after Hindenburg Research published its report.

Tingo has denied the allegations made by Hindenburg Research. In a statement, the company said that it is “committed to providing accurate and transparent information to our investors.”

The allegations against Tingo are the latest in a series of scandals involving African fintech companies. In recent months, several African fintech companies have been accused of fraud and misleading investors.

The scandals have raised concerns about the regulation of fintech companies in Africa. In many African countries, there is little regulation of fintech companies. This lack of regulation has made it easier for fraudsters to operate in the fintech sector.

The scandals have also damaged the reputation of the African fintech industry. The scandals have made it more difficult for African fintech companies to raise capital and attract investors.

The Tingo scandal is a reminder of the risks associated with investing in fintech companies. Investors should carefully research any fintech company before investing. Investors should also be aware of the lack of regulation in the African fintech sector.

Here are some additional details on the allegation;

• The FT reports that Hindenburg Research’s allegations against Tingo include:
  • That Tingo has inflated its customer base by using fake social media accounts to create the illusion of demand for its products.
  • That Tingo has engaged in fraudulent activities such as using fake social media accounts to create the illusion of demand for its products.
  • That Tingo’s CEO, David Ossai, has a history of fraud. Ossai was previously convicted of fraud in the United Kingdom in 2011.

TechCabal reports that Tingo has denied the allegations made by Hindenburg Research. In a statement, the company said that it is “committed to providing accurate and transparent information to our investors.”