EFCC arrests ponzi scheme operator who defrauded 27,400 Nigerians

EFCC arrests ponzi scheme operator who defrauded 27,400 Nigerians

- One Babagana Dalori was arrested by the EFCC for being involved in a ponzi scheme

- The businessman allegedly defrauded 27,400 Nigerians

- The alleged ponzi scheme operator made N7bn from the criminal act

The Economic and Financial Crimes Commission (EFCC) has arrested the Chief Executive Officer of Galaxy Transportation and Construction Services Limited, Babagana Dalori.

Dalori was arrested for defrauding no fewer than 27,400 Nigerians to the tune of about N7 billion through fake promises of mouth-watering returns on their investment in his companies.

The commission’s acting publicity secretary, Tony Orilade, made this known in a statement in Abuja on Tuesday, April 23.

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According to the statement, 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. The commission’s investigators discovered that Dalori initially paid 200 per cent interest on investors’ deposits in the firm and later reduced the interest to 135 per cent before the scheme crashed in 2018.

“To get 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.

“Unfortunately, his gimmicks paid off as different people took their hard-earned savings, inheritance, pensions and other source of income and invested in Galaxy. Now, the scheme has crashed and investors can no longer get their money.

“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 statement read.

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According to Orilade, all bank accounts belonging to Galaxy have been frozen in order to prevent further dissipation of investors’ funds, pending the conclusion of investigation.

Meanwhile, Air Marshall Adesola Amosu, a former Chief of Air Staff (CoAS) currently being prosecuted for alleged N21.4 billion fraud against him, reportedly said he is willing to resume discussion with the EFCC.

Amosu reportedly stated this at a Federal High Court sitting in Lagos saying the discussions would be with a view to achieve a swifter end concerning the allegation.

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Source: Legit.ng

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