The flop of a promising multi-million scheme, which was to deliver between 135 and 200 percent interest to investors, has forced the Economic and Financial Crimes Commission to freeze 16 bank accounts associated with the scheme.

Similarly, the operator of the scheme and his company are now under investigation by the EFCC, which had already taken them in for interrogation over the project that has reportedly led to the loss of over N7 billion by no fewer than 27,440 unsuspecting Nigerians.

While the probe is going on, no fewer than 22 property spread in various parts of the country, have been traced to the key suspect, whose name was given by the EFCC as Babagana Dalori, while the business name was given as Galaxy Transportation and Construction Services Limited.

The anti-graft agency is investigating to establish whether indeed, the suspect used his business outlet as a means of extorting the huge sum of money, which he made Nigerians to invest with a promise of huge return on their investments.

Already, the operatives have confirmed they are probing the man to establish whether he had committed a criminal breach of trust and obtaining money under false pretence, serious offences punishable under the EFCC ACT and other laws of the country.

An interim report turned in by investigators said: “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.”

“Contrary to the claim of Galaxy spokesman that the matter was civil and not criminal, the business of deposit-taking under Nigerian legislation can only be undertaken by a licensed deposit- taking financial institution as enshrined in Banks and Other Financial Institutions Act (BOFIA), CBN Act and the NDIC.

EFCC investigators also discovered that Dalori initially paid 200 per cent interest on the investors deposits with the firm and later reduced the interest to 135 per cent before the scheme later crashed in 2018.

Dalori further engaged in rigorous advertisements in the radio and television stations including a movie by the Nollywood to convince the investors.

•Excerpted from a Vanguard report.

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