Have you tried using Counterclockwise winding instead of Clockwise winding in the constructor? That might cause it- essentially, the model would be inside-out.
[EDIT: For others who might read this in the future, the above isn't really a good explanation for the raycast behavior. Even if it were inside out, any ray cast impact points can only be on the mesh itself. The graphics mismatch suggested in a later post is the most likely explanation for this sort of issue.]
By the way, generally it's a good idea to avoid using MobileMeshes unless you absolutely have to. They're not bad, but approximations with primitives (like sphere, box, etc.) or compound bodies made of multiple primitives are much faster and generally more robust.
Another thing to look out for is the graphics not being in the same spot as the physics. Using the BEPUphysicsDrawer from the BEPUphysicsDemos in the main source download is a good way of visualizing the collision shapes.