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7Bn Fraud: Abuja Businessman Arrested for Duping Over 20,000 Investors

The Economic and Financial Crimes Commission, EFCC has arrested an entrepreneur/businessman, Babagana Abba Dalori, who is alleged to have duped his investors to the tune of over N7 billion.

 

Dalori, a 35- year-old and a 2010 graduate of Electrical Electronics, University of Maiduguri, is the Managing Director, Galaxy Transportation and Construction Services Limited.

 

EFCC investigation revealed that Dalori allegedly made his money from his unsuspecting investors as he lures them with mouth-watering Returns on Investment (RoI).

 

He also promised his investors as high as 135 percent and in some cases 200 percent on whatever they bring into the company as their investment.

 

EFCC source, who confirmed the story, said while confessing to the crime, the suspect said he started his business in 2012 with just a tricycle (Keke NAPEP) and by 2014, hundreds of people showed interest in the investment and he felt the need to diversify.

 

The suspect further claimed during interrogation that he diversified into sand mining, haulage business (Tipper), and Transportation with commercial buses.

 

Hundreds of investors were 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 mouth-watering 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 investors interviewed by the EFCC, explained that they invested between N2 million to N20 million into Galazy Company but were never carried along in the multi-million investment he diversified into.

 

Prior to his arrest by the EFCC, most of the investors have been agitated as the suspect has remained incommunicado.

 

Several visits to his office in Abuja did not yield positive results as the suspect was said to had switched off his phones while Galaxy offices were now deserted by his officials.

 

Investigation into the matter is ongoing  as  the suspect is still being quizzed by the EFCC operatives at the time of this report.

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