The Economic and Financial Crimes Commission, in a joint operation with the Nigerian Army, on Monday, nabbed 133 suspects from a Ponzi Scheme Academy, in Abuja.

The anti-graft agency disclosed this in a statement on X on Monday.

It read, “Operatives of the Economic and Financial Crimes Commission, EFCC, on Monday, March 24, 2025 busted a Ponzi Scheme Academy and arrested 133 suspects in Abuja.

“They were arrested at the Compensation Layout in Gwagwalada area of the Federal Capital Territory, FCT, Abuja, following actionable intelligence on the existence of the Academy.”

The agency said the academy, named Q University (a.k.a Q-Net) is involved in recruiting gullible young Nigerians who they trained to also recruit more gullible people into the scheme with the promise of getting unrealistic profit returns.

“The suspects are enrolled into a training codenamed: “Special Training for New Generation Billionaire” and brainwashed to believe that they would graduate into the league of billionaires. They got into the training by obtaining a form the promoters called “Independent Representative Application Form” with promotional slogans such as: “I’m a Champion”, “I’m Unstoppable”, “I’m Infinity”, among others.

“The EFCC carried out the operation in collaboration with officers and men of 176 Guards Battalion, Nigerian Army. Items recovered from the suspects include phones, computers and other electronic gadgets.”

The agency said all the nabbed suspects will be charged to court as soon as investigation is concluded.