The Economic and Financial Crimes Commission (EFCC) has said that its operatives have busted a Ponzi Scheme academy operating in Abuja.
The anti-graft agency which made this known in a statement issued on Monday said that the operatives arrested 133 suspects linked to the fraudulent enterprise.
The Commission stated that the operation was carried out on Monday at Compensation Layout in Gwagwalada area of the Federal Capital Territory (FCT), following actionable intelligence on the illicit activities of the academy.
According to the statement, the institution, identified as Q University (also known as Q-Net), was allegedly engaged in recruiting young Nigerians into a financial scam disguised as a wealth-building programme.
The academy reportedly lured individuals with the promise of unrealistic profit returns, training recruits to further enlist 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 statement noted.
The EFCC revealed that the suspects participated in a programme labelled “Special Training for New Generation Billionaire,” where they were subjected to indoctrination, making them believe they were on a path to becoming billionaires.
Prospective recruits were required to purchase an “Independent Representative Application Form,” marketed with promotional slogans such as “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.”
The EFCC stated that its operatives carried out the operation in collaboration with officers of the 176 Guards Battalion of the Nigerian Army.
Seized items during the operation included mobile phones, computers, and other electronic gadgets, which are expected to serve as evidence in the ongoing investigation.
The EFCC assured the public that the suspects will be charged to court as soon as investigations are completed.
The commission also reiterated its commitment to cracking down on fraudulent schemes and urged Nigerians to remain vigilant against investment scams promising unrealistic returns.
It warned Nigerians against Ponzi schemes, urging them to conduct due diligence before investing in any financial opportunity.
The commission encouraged victims and whistleblowers to report suspicious activities to authorities.
