EFCC Arrests 133 Suspects In Abuja Over Fraudulent Ponzi Scheme Operation

Operatives of the Economic and Financial Crimes Commission (EFCC) on Monday arrested 133 suspects following a raid on a notorious ponzi scheme academy, known as Q University, or Q-Net, in the Federal Capital Territory (FCT), Abuja.

The operation, carried out at the Compensation Layout in Gwagwalada, was based on intelligence reports regarding the academy’s fraudulent activities targeting young Nigerians.

According to the EFCC, the academy had been posing as a wealth-building program, recruiting individuals into its deceptive practices.

EFCC’s Head of Media and Publicity, Dele Oyewale, explained that Q University lured individuals into its trap through an elaborate training program titled “Special Training for New Generation Billionaire.”

The academy deceived participants, convincing them that upon completion, they would achieve billionaire status.

To join, recruits were instructed to purchase an “Independent Representative Application Form,” with the promise of a prosperous future.

The academy used slogans like “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity” to motivate participants, further fueling the illusion of immense wealth.

Naija News reports that Oyewale described the scheme as a well-orchestrated con, where participants were brainwashed into believing they would join the ranks of billionaires by simply completing the training.

The EFCC, working in conjunction with the 176 Guards Battalion of the Nigerian Army, executed the raid and apprehended the suspects.

During the operation, several items were recovered from the suspects, including mobile phones, computers, and other electronic gadgets.

“These items will be vital to the ongoing investigation,” Oyewale noted.

Following the raid, the EFCC confirmed that the suspects would be charged in court as soon as investigations are concluded.