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The Economic and Financial Crimes Commission (EFCC) has arrested 28 suspected Ponzi scheme operators in Minna, Niger State.
The suspects, who were identified by the EFCC, include Nofisat Opeyemi, Shukurat Muritala, Odunayo Sanni, and 25 others.
According to the EFCC, the suspects’ arrest followed credible intelligence that linked them to fraudulent investment activities with a company called Q-Net Ltd.
The company, operating from a three-bedroom apartment in Al-Bishiri Estate, Minna, allegedly lured victims into investing about N1,400,000 for product purchases from Dubai and other foreign countries.
The EFCC alleges that the suspects posed as a legitimate network marketing company, convincing victims to part with between $790 to $850 (N1,462,000) as registration fees and product purchases. Items recovered from the suspects include Q-Net application forms and other documents.
The EFCC plans to charge the suspects to court as soon as investigations are concluded.
Notably, this development comes after the Senate passed the Investments and Securities Repeal and Re-enactment Bill, 2024, aimed at clamping down on Ponzi schemes and other illicit activities.
