EFCC arrests 133 over ponzi scheme academy 

No fewer than 133 suspects have been arrested by operatives of the Economic and Financial Crimes Commission, EFCC, for alleged involvement with a Ponzi scheme academy in the Federal Capital Territory, FCT, Abuja.

The arrests at the Compensation Layout in the Gwagwalada area were made, following intelligence on the existence of the school.

Known as Q University or Q-Net, operators of the institute allegedly recruit unsuspecting young Nigerians  and enrolled them in a training programme codenamed “Special Training for New Generation Billionaires” and train them to lure more individuals into scheme with promises of unrealistic profit returns.

It was gathered that the suspects were   brainwashed into believing they would eventually join the ranks of billionaires.

To be admitted into the programme, one is required to purchase of a form, which the promoters called “Independent Representative Application Form,” bearing promotional slogans, such as “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity,” among others.

The raid by EFCC operatives was executed in collaboration with officers and personnel of the 176 Guards Battalion, Nigerian Army.

Items recovered from the suspects include mobile phones, computers, and other electronic gadgets.

The suspects, according to the commission, would be arraigned in court at the end of investigations.