EFCC raids Ponzi scheme academy, arrests 133 suspects in Abuja
Operatives of the Economic and Financial Crimes Commission (EFCC) on Monday, dismantled a Ponzi scheme academy and arrested 133 suspects in Abuja.
The operation took place at Compensation Layout in the Gwagwalada area of the Federal Capital Territory (FCT) following intelligence reports on the academy’s fraudulent activities.
Identified as Q University (also known as Q-Net), the academy was allegedly involved in recruiting unsuspecting young Nigerians and training them to lure more individuals into the scheme under the guise of earning unrealistic profits.
According to the EFCC, the recruits were enrolled in a program titled “Special Training for New Generation Billionaires,” where they were indoctrinated with false promises of wealth.
To participate, they were required to purchase an “Independent Representative Application Form” and adopt promotional slogans such as “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.”
The operation was conducted in collaboration with officers of the 176 Guards Battalion of the Nigerian Army.
Recovered items from the suspects included mobile phones, computers, and other electronic devices.
The EFCC confirmed that investigations are ongoing, and the suspects will be charged to court upon completion of inquiries.
