The Economic and Financial Crimes
Commission (EFCC) has arrested Babagana Dalori, chief executive officer of
Galaxy Transportation and Construction Services Limited, for allegedly
defrauding Nigerians through a ponzi scheme.
The commission said 27,400
Nigerians lost N7 billion through fake promises of high returns on their
investment in Dalori’s companies.
In a statement, Tony Orilade,
EFCC spokesman, said Dalori was discovered to have initially paid investors 200
per cent interest on their deposits in his companies.
He said the suspect later reduced
the interest to 135 per cent “before the scheme crashed in 2018.”
“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 statement read.
“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 accused Dalori of
committing a criminal act, saying all bank accounts belonging to his company
have since been frozen.
Last year, EFCC cracked down on a
similar ponzi scheme shortly after the shut down of Mavrodi Mondial Movement
(MMM).
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