Nigeria's EFCC Arrests 28 in Minna Over Alleged Q-Net Ponzi Scheme

Nigeria's Economic and Financial Crimes Commission said operatives of its Kaduna Zonal Directorate arrested 28 suspected Ponzi scheme operators in Minna, Niger State, after intelligence linked them to fraudulent investment activity by a company called Q-Net Ltd operating from a three-bedroom apartment in the Al-Bishiri Estate.

The commission said victims were led to believe the company was international, with affiliates in Dubai, India, Indonesia and Thailand, and paid between 790 and 850 dollars, or 1,462,000 naira, as registration fees and for product purchases. Some suspects were arrested while attending lectures on Ponzi operations presented as network marketing, and Q-Net application forms and other documents were recovered. The EFCC said the suspects will be charged once investigations are complete.

QNET later issued a statement denying any association with the arrested individuals, saying the recovered forms were likely forged because its business runs exclusively on an e-commerce platform without physical application forms, and that it is cooperating with authorities.