The Economic and Financial Crimes Commission (EFCC) on Tuesday said it has arrested Babagana Dalori, chief executive officer of Galaxy Transportation and Construction Services Limited, for allegedly defrauding Nigerians through a Ponzi scheme.
According to the anti graft agency, 27,400 Nigerians lost N7 billion in Dalori’s companies.
Tony Orilade, EFCC spokesman, in a statement said Dalori initially paid investors 200 per cent interest on their deposits in his companies but later reduced the interest to 135 per cent “before the scheme crashed in 2018.”
The statement read,“Dalori, who is currently undergoing interrogation in the Commission, had incorporated the firm in 2012 with one tricycle (Keke NAPEP), which through pool investments by members of the public later boasted of 50 tricycles.”
“The entrepreneur later diversified into other business ventures while promising mouth-watering returns to investors.
“To suck as many unsuspecting victims into his ponzi net, Dalori engaged in massive advertisements on radio and television, including a production of a movie by A-list Nollywood actors, which aimed at convincing members of the public to invest in his companies.”
The anti-graft said a victim lamented the frustrations of unsuspecting investors who can no longer get their funds back.
According to the victim, “at the moment, he has used the investors money to incorporate different entities without getting their consent. He now has Galaxy Global Energy Concept Ltd, Galaxy Miners Concept Ltd, Galaxy Global Farms, Galaxy Computers, Galaxy Block Making Factory, Galaxy Hospital and Galaxy Hotel.”
The commission who accused Dalori of committing a criminal act, said all the company’s bank account have since been frozen.
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