The Economic and Financial Crimes Commission (EFCC) has arrested 133 suspects linked to a Ponzi scheme academy in Abuja. The academy, operating under the name Q University (also known as Q-Net), was busted on Monday at the Compensation Layout in Gwagwalada, following actionable intelligence.
According to the EFCC, Q University lured young Nigerians with promises of unrealistic profits through a training program called “Special Training for New Generation Billionaires.” Recruits were required to purchase an “Independent Representative Application Form” with slogans like “I’m a Champion” and “I’m Unstoppable.” The operation was conducted in collaboration with the 176 Guards Battalion of the Nigerian Army.
Items seized from the suspects include phones, computers, and other electronic gadgets. The EFCC plans to charge the suspects in court once investigations are completed. This operation comes amid heightened legal scrutiny against Ponzi schemes, following the passage of the Investments and Securities Repeal and Re-enactment Bill, 2024, which proposes severe penalties for operators of such schemes.
