The Chief Executive Officer of Galaxy Transportation and Construction Services Limited, Mr. Babagana Dalori, has been arrested by the Economic and Financial Crimes Commission, EFCC.
His arrest is in connection with alleged defrauding of some Nigerians to the tune of about N7 billion.
According to the spokesman of the EFCC, Mr Tony Orilade, in a statement he issued on Tuesday, no fewer than 27, 400 Nigerians were allegedly defrauded.
However, pending the conclusion of the probe being carried out, all bank accounts belonging to Galaxy have been frozen by the EFCC.
EFCC stated that Dalori incorporated his firm in 2012 with one tricycle (Keke NAPEP), which through pool investments by members of the public increased to 50 tricycles.
EFCC explained further: “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.”
