EFCC Busts Ponzi Scheme Academy In Abuja, Arrests 133 Suspects

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.