The Economic and Financial Crimes Commission (EFCC) has apprehended 133 individuals linked to a suspected Ponzi scheme academy operating in Abuja.
The suspects were arrested on Monday at Compensation Layout in Gwagwalada, Federal Capital Territory, following intelligence on the illicit activities of the academy.
In a statement issued on March 24, the anti-graft agency revealed that the academy, identified as Q University, also known as Q-Net, was allegedly engaged in recruiting and brainwashing young Nigerians with promises of unrealistic financial returns.
According to the EFCC, the scheme enrolled individuals in a deceptive program tagged “Special Training for New Generation Billionaires,” where they were conditioned to believe they would attain billionaire status.
Participants were required to purchase an Independent Representative Application Form, featuring promotional slogans such as “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.”
The commission further disclosed that the operation was executed in collaboration with the 176 Guards Battalion of the Nigerian Army.
Items recovered from the suspects included mobile phones, computers, and other electronic gadgets.
“The suspects will be charged to court upon the conclusion of investigations,” the EFCC assured.
This latest crackdown comes barely two weeks after the commission arrested 28 individuals in Minna, Niger State, for alleged involvement in a similar Ponzi scheme linked to Q-Net Ltd.
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