Ponzi Scheme: EFCC arrests Galaxy Transport CEO over N7bn.

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

Dalori is being accused of defrauding about 27,400 Nigerians of over N7 billion under the pretext of juicy returns on their investment in his companies.

In a statement in Abuja on Tuesday, EFCC spokesman, Tony Orilade, Dalori incorporated the firm in 2012 with one tricycle, which through pool investments by members of the public later boasted of 50 tricycles.

The statement said: “The cg)ommission’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.”

Mr Orilade also said bank accounts belonging to Dalori and his company had been frozen to prevent further dissipation of investors’ funds pending the conclusion of investigation.

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