N7bn fraud: Businessman with 8 ponzi schemes in EFCC net
…How over 20, 000 investors seeking high returns became victims
…Seek anti-graft agency’s help to retrieve investments
Andrew Orolua, Abuja
The Economic and Financial Crimes Commission (EFCC) has arrested an Abuja based entrepreneur/businessman, Babagana Abba Dalori, whose alleged ponzi schemes have made over 20,000 investors to lose more than N7 billion.
Dalori, a 35- year-old and a 2010 graduate of Electrical Electronics, University of Maiduguri, and the Managing Director, Galaxy Transportation and Construction Services Limited and seven other companies was apprehended by the operatives of EFCC on Sunday in Abuja acting on volumes of petitions by his victims.
The middle aged man, EFCC alleged has registered and operates Galazy Global Energy Limited, Galazy Miners Concepts Limited, Galazy Global Farms, Galazy Guest Palace Limited, Galazy Hospital, Galazy Computing, Galazy Block making and Galazy Car Wash under which the alleged ponzi scheme are thriving.
According to the agency, “investigation revealed that Dalori allegedly made his money from his unsuspecting investors as he lures them with mouthwatering Returns on Investment (RoI).”
He also promised his investors as high as 135% and in some cases 200 % on whatever they bring into the company as their investment.
According to the suspect, who is facing interrogation at Wuse office of the anti-graft agency, he started his business in 2012 with just a tricycle (Keke NAPEP) and by 2014, hundreds of people showed interest in the investment scheme and he felt of the need to diversify.
He also claimed during interrogation by the EFCC operatives that he diversified into Sand mining, Haulage business (Tipper), Transportation- commercial buses, while hundreds of investors were still falling on themselves to part with their hard earned money as the stake on Return on Investment had been raised from 135 percent to 200 percent.
In 2016, Dalori veered into full transportation business as he registered Galazy Transport and Construction Company with his mother as co- director.
In 2017, he claimed that he invested about N400 million to acquire a quarry licence and started mining at Mpape, Abuja. He added that he had offices in 11 states and continued to lure his investors with mouthwatering returns.
He continued collecting money from investors until his investors rose to 20, 700. But instead of concentrating on the line of business for which the investors had put their money, he further diversified as he registered and delved into Galazy Global Energy Limited, Galazy Miners Concepts Limited, Galazy Global Farms, Galazy Guest Palace Limited, Galazy Hospital, Galazy Computing, Galazy Block making and Galazy Car Wash.
Investigation further revealed that in all the above companies registered and running which spread in three cities of Abuja, Maiduguri and Yobe, the investors were never carried along, neither were they co-owners in the companies.
Several victims of Dalori who were interviewed, explained that they invested between N2 million to N20 million into Galazy Company but were never carried along in the multi million investment he claimed to have diversified into.
Prior to his arrest by the EFCC, most of the investors have been agitated as the suspect became incommunicado as he was said to have switched off his phones while Galaxy offices were deserted by his officials.
