EFCC Busts Ponzi Scheme Academy, Arrests 133 Suspects in Abuja
Operatives of the Economic and Financial Crimes Commission (EFCC) has dismantled a Ponzi scheme operation in the Federal Capital Territory (FCT), arresting 133 suspects linked to the fraudulent network.
The suspects were apprehended on Monday, March 24, at Compensation Layout in Gwagwalada following intelligence reports on the illegal activities of the Academy, identified as Q University (also kn
own as Q-Net). According to EFCC officials, the Academy specialized in recruiting and training young Nigerians to lure others into the scheme with promises of unrealistic financial returns.
Investigations revealed that enrollees underwent a so-called “Special Training for New Generation Billionaires”, where they were indoctrinated with slogans such as “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity” to reinforce their belief in the scheme. Entry into the program required the purchase of an Independent Representative Application Form.
The raid was conducted in collaboration with officers of the 176 Guards Battalion of the Nigerian Army. Items recovered from the suspects included mobile phones, computers, and other electronic devices.
The EFCC has assured the public that investigations are ongoing, and the suspects will be charged to court upon completion of the probe.
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