Twenty-eight suspects have been arrested in Minna, Niger State, for allegedly operating a fraudulent Ponzi scheme under the guise of network marketing

Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested twenty-eight individuals suspected of running a Ponzi scheme, which was disguised as a network marketing operation.

The arrests took place in Minna, the capital of Niger State, after a credible intelligence operation linked the suspects to fraudulent activities under the guise of a legitimate business.

According to the EFCC, the suspects were involved with a company called Q-Net Ltd, which operated out of a modest three-bedroom apartment located in Al-Bishiri Estate, Minna.

The company presented itself as a legitimate network marketing business but was, in reality, a Ponzi scheme designed to defraud unsuspecting individuals.

The arrested suspects include Nofisat Opeyemi, Shukurat Muritala, Odunayo Sanni, Mayowa Oyekola, Aishat Olaitan, Edward Hannah, Abioye Fathiah, Joseph Omowunmi, Kareem Ahmed, Arikeusola Afeez, Adiamo Mutholib, Abass Ibrahim, Wasiu Taofeek, Adeniji Damilare, Nurudeen Akinola, Mubarak Yekeen, and others.

The operation is said to have preyed on victims by convincing them that Q-Net was an international company, with affiliates in high-profile locations such as Dubai, India, Indonesia, and Thailand.

Prospective investors were lured into paying large sums—between $790 and $850 (approximately N1,462,000)—for registration fees and product purchases, only to realise that the promised returns were never forthcoming.

Many of the arrested individuals were found receiving “network marketing” training, despite being part of a fraudulent operation designed to exploit vulnerable individuals.

Among the items recovered from the scene of the bust were Q-Net application forms and other related documents, confirming the illegal nature of the business.

The EFCC has assured that the suspects will be charged in court once investigations are concluded. The Commission continues to warn the public to remain vigilant against fraudulent schemes disguised as legitimate business ventures.