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.
