The Economic and Financial Crimes Commission, EFCC, said it has arrested the Chief Executive Officer of Galaxy Transportation and Construction Services Limited, Mr. Babagana Dalori for allegedly defrauding Nigerians to the tune of about N7 billion.
According to a statement by the commission’s Acting Publicity secretary, Mr. Tony Orilade, on Tuesday, Dalori defrauded no fewer than 27, 400 Nigerians through fake promises of mouth-watering returns on their investment in his companies.
Dalori, who is currently being interrogated by the EFCC, 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 Commission said Dalori without the consent of investors in his company, used their money to incorporate six other companies.
The statement read: “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.
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“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.”
Meanwhile all bank accounts belonging to Galaxy have been frozen in order to safeguard investors’ funds, while investigation is ongoing, according to Orilade.
