The Economic and Financial Crimes Commission (EFCC), in collaboration with the 176 Guards Battalion of the Nigerian Army, has dismantled a ponzi scheme academy in the Compensation Layout, Gwagwalada area of Abuja, and arrested 133 suspects in the process.
The raid follows actionable intelligence exposing the operation of Q University (also known as Q-Net), an academy accused of recruiting and training young Nigerians to perpetuate a fraudulent scheme promising unrealistic profits.
As gathered, the academy lures participants into a program dubbed “Special Training for New Generation Billionaire,” where they are brainwashed to believe they will become billionaires by recruiting others.
During the operation on Monday, the anti graft agency seized several phones, computers, and other electronic gadgets, which the suspects use in perpertrating their crimes.
In a statement by EFCC, the antigraft agency detailed the scheme’s operations. It stated, “The Academy 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 EFCC further noted that the collaborative effort with the military underscores the agency’s commitment to tackling financial crimes across the Federal Capital Territory.
