Operatives of the Economic and Financial Crimes Commission (EFCC), on Monday, busted a ponzi scheme academy and arrested 133 suspects in Abuja.

EFCC Head,  Media & Publicity, Dele Oyewale, in a press statement in Abuja, said the suspects were arrested at the Compensation Layout in Gwagwalada Area of the FCT, following actionable intelligence on the existence of the academy.

“The Academy, named Q University (a.k.a Q-Net) 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 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.”

He further stated that, “The EFCC carried out the operation in collaboration with officers and men of 176 Guards Battalion,  Nigerian  Army.”

Oyewale said items recovered from the suspects include phones, computers and other electronic gadgets; adding that they would be charged to court as soon as investigations were concluded.