EFCC arrests ponzi scheme operator who ‘defrauded Nigerians of N7bn’

EFCC arrests ponzi scheme operator who ‘defrauded Nigerians of N7bn’
Dailynaijamode

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.

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.

“The entrepreneur later diversified into other business ventures while promising mouth-watering returns to investors.

“To suck 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, which aimed at convincing members of the public to invest in his companies.”

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