- Safiu Kehinde
The Economic and Financial Crimes Commission (EFCC) has on Monday busted a Ponzi Scheme Academy and nabbed 133 suspects in Abuja.
This was disclosed in a statement issued on the Commission’s official X handle.
According to the statement, the suspects were arrested at the Compensation Layout in Gwagwalada area of the Federal Capital Territory, (FCT) following actionable intelligence on the existence of the Academy.
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.
As described by the anti-graft agency, the suspects are enrolled into a training codenamed: “Special Training for New Generation Billionaire” and brainwashed to believe that they would graduate into the league of billionaires.
They got into the training by obtaining a form the promoters called “Independent Representative Application Form” with promotional slogans such as: “I’m a Champion” “I’m Unstoppable”, “I’m Infinity”, among others.
The EFCC carried out the operation in collaboration with officers and men of 176 Guards Battalion, Nigerian Army.
Items recovered from the suspects include phones, computers and other electronic gadgets.
The EFC vowed to charge the suspects to court as soon as investigations are concluded.