EFCC Busts Ponzi Scheme Academy In Abuja, Arrests 133 Suspects
The Economic and Financial Crimes Commission (EFCC) has dismantled a Ponzi scheme academy operating in Abuja, arresting 133 suspects linked to the fraudulent enterprise.
In a statement on Monday, the EFCC revealed that its operatives raided the academy, known as Q University (also called Q-Net), at Compensation Layout in Gwagwalada, Federal Capital Territory (FCT), following actionable intelligence.
The academy allegedly recruited young Nigerians under the guise of a wealth-building programme, promising unrealistic profit returns.
Recruits were trained to lure more unsuspecting victims into the scheme.
“The Academy, named Q University (a.k.a Q-Net), is in the business of recruiting gullible young Nigerians who are trained to recruit more gullible citizens into the scheme with the promise of getting unrealistic profit returns,” the EFCC stated.
The suspects were reportedly subjected to an indoctrination programme titled “Special Training for New Generation Billionaire,” making them believe they were on a path to extreme wealth.
Prospective members were required to purchase an “Independent Representative Application Form,” marketed with motivational slogans like “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.”
The EFCC confirmed that the operation was conducted in collaboration with officers of the 176 Guards Battalion of the Nigerian Army.
Seized items included mobile phones, computers, and other electronic gadgets, which will serve as evidence in the ongoing investigation.
The anti-graft agency assured the public that the suspects will be charged to court once investigations are concluded.
It also reiterated its commitment to cracking down on fraudulent schemes, urging Nigerians to remain vigilant and avoid investment scams that promise unrealistic returns.
Nigerians were advised to conduct due diligence before investing in any financial opportunity and report suspicious activities to the authorities.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
