Operatives of the Economic and Financial Crimes Commission (EFCC) raided a Ponzi scheme academy in Abuja on Monday and arrested 133 individuals.
Following intelligence reports about the academy’s activities, the suspects were apprehended at Compensation Layout in Gwagwalada, Abuja.
Read also: EFCC releases full list of Ponzi scheme operators in Nigeria
How the Ponzi Scheme Academy operates
The academy, known as Q University (also referred to as Q-Net), lures young Nigerians with promises of high returns on investment. Participants are encouraged to recruit others into the scheme, with the belief that they will eventually join the ranks of billionaires after completing a training program called “Special Training for New Generation Billionaires.”
To begin the training, participants are required to fill out an “Independent Representative Application Form,” which features promotional slogans like “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.”
Items recovered from the suspects
The EFCC carried out the operation in collaboration with officials from the Nigerian Army’s 176 Guards Battalion. Computers, phones, and other electronic devices were among the items recovered from the suspects.
The EFCC has assured the public that once investigations are concluded, the suspects will be charged in court.
Read also: EFCC repatriates $120,000, N70.6 million to U.S., Spanish citizens scammed by Yahoo Boys
Revelation of ponzi scheme operators by EFCC
The Economic and Financial Crimes Commission (EFCC) earlier this month published a list of 58 companies that use Ponzi schemes, also known as illegal investment schemes, to defraud unsuspecting Nigerians.
Several of these companies have been sued by the EFCC. Five of the cases have already been found guilty, five are still awaiting arraignment, and five more have pleaded guilty and are awaiting a review of the facts.
This action demonstrates the EFCC’s commitment to sanitising Nigeria’s financial system and protecting its citizens from fraudulent investment platforms.