EFCC Arrests Ponzi Scheme Operator Who Has Defrauded Nigerians Of N7bn

EFCC-Operatives

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, EFCC Spokesman, Tony Orilade, 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.”

The commission accused Dalori of committing a criminal act, saying all bank accounts belonging to his company have since been frozen.

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