The Economic and Financial Crimes Commission (EFCC) has apprehended 133 individuals linked to an alleged Ponzi scheme masquerading as an academy in the Federal Capital Territory (FCT), Abuja.
The suspects were arrested during a sting operation on Monday, March 24, at Compensation Layout in Gwagwalada, following credible intelligence on the illicit activities of the establishment.
Alleged Fraudulent Scheme Identified as Q University.
The institution, identified as Q University also operating under the name Q-Net allegedly lured unsuspecting individuals with promises of high returns on investments. However, EFCC sources disclosed that the scheme bore the hallmarks of a Ponzi operation, where funds from new investors are used to pay earlier participants, ultimately leading to financial collapse.
Ponzi schemes have become a growing concern in Nigeria, with multiple cases reported in recent years. Data from the Nigerian Deposit Insurance Corporation (NDIC) shows that between 2018 and 2023, Nigerians lost over N300 billion to fraudulent investment schemes. The EFCC has consistently warned against such operations, noting that many are structured to benefit only the originators while leaving thousands of investors in financial ruin.
EFCC’s Stand Against Financial Fraud
Speaking on the recent arrests, the EFCC reaffirmed its commitment to tackling financial crimes and safeguarding Nigerians from predatory schemes. The commission stated that investigations are ongoing, and those found culpable will face legal proceedings.
Authorities have urged Nigerians to remain cautious of investment opportunities that promise unrealistic returns, emphasizing that genuine investments come with measurable risks and do not guarantee overnight wealth.
KIIN360 will continue to follow this developing story.
