Q-net Rip-off: EFCC arrests 3 folks suspected of raking in a whole bunch of tens of millions from college students

Operatives of the Financial and Monetary Crimes Fee (EFCC) have arrested three suspected fraudsters linked to a Q-net rip-off that allegedly raked in a whole bunch of tens of millions of naira from college students in Nigeria.

This was disclosed in a press release launched on Friday.

Based on the Fee, the suspects—Olaniyan Joshua, Oyetunde Julius Akano, and Victor Oluwale—are at the moment present process interrogation following their arrest on Wednesday, Could 1, 2025, in Abuja.

EFCC Allegation 

• The EFCC acknowledged that the trio, working underneath the title “Mighty Infinity Millionaire Restricted,” allegedly claimed to be representatives of Q-net, a world e-commerce and direct promoting firm.
• The Fee added that Q-net has since denied any affiliation with the suspects and their actions.
•  Investigations additional revealed that the suspects have been additionally working a fraudulent college, holding coaching periods in pavilions and underneath timber, and providing pretend Bachelor of Science levels in Drugs, Nursing, Cybersecurity, Laptop Research, Geology, and different fields.
• The EFCC acknowledged that these operations have been carried out underneath a false declare of affiliation with Quest Worldwide College, Malaysia.

“Pupil victims have been charged between N1.2 million and N1.3 million as registration charges, from which the suspected scammers raked in a whole bunch of tens of millions in proceeds of crime,” the EFCC added.

• The Fee additionally disclosed that on March 24, 2025, it raided the so-called Q-net College at Compensation Structure, Gwagwalada, FCT, Abuja, the place 133 suspects have been arrested.

• The anti-graft company famous that interrogation of the suspects is ongoing.

What to Know 

This growth comes amid ongoing authorized, regulatory, and prosecutorial scrutiny of fraudulent funding schemes and their promoters by the EFCC and different regulatory our bodies such because the Securities and Trade Fee (SEC) and the Company Affairs Fee (CAC).

• This follows the collapse of one other fraudulent cryptocurrency funding scheme generally known as “CBEX,” which defrauded Nigerians of an estimated N1.3 trillion in investor funds.
• The SEC had earlier disclosed its intention to collaborate with regulation enforcement companies to take acceptable enforcement motion in opposition to CBEX, its associates, and its promoters.
• The Fee clarified that it didn’t grant registration to Crypto Bridge Trade (CBEX) or its associates to function in Nigeria.

In a press release responding to latest media stories, the SEC defined that CBEX—reportedly additionally working underneath the company identities of ST Applied sciences Worldwide Ltd., Sensible Treasure, and Tremendous Expertise—will not be approved to function within the Nigerian capital market.

Nairametrics beforehand reported that the Home of Representatives, on Thursday, cautioned public figures, celebrities, and influencers in opposition to selling unregistered funding schemes in gentle of the CBEX collapse.

The EFCC has additionally taken motion by acquiring a court docket order to arrest and detain CBEX promoters.

Just lately, the Securities and Trade Fee (SEC) raised the alarm over one other suspected unlawful funding platform generally known as TOFRO.COM (Tofro), warning Nigerians to keep away from it.