The Nigerian Security and Civil Defence Corps (NSCDC) has arrested a suspected operator of a fake cryptocurrency investment platform. According to the Nigerian law enforcement, the suspect used his platform, Polyfarm, to target Nigerians on a large scale, defrauding them of their hard-earned funds.
The arrest and handover of the suspect were disclosed by Nigeria’s Economic and Financial Crimes Commission (EFCC) in a statement that was released recently. According to the Nigerian agency, preliminary investigations show that the suspect allegedly created and ran a fraudulent crypto investment scheme. The anti-graft agency mentioned that he was able to deceive and lure members of the public to invest in the platform using unrealistic returns.
Nigerian national arrested over fake crypto investment scheme
The Nigerian agency identified the suspect as Bamu Gift Wandji and said he lured unsuspecting Nigerians into the investment scheme by presenting Polyfarm as a legitimate cryptocurrency investment opportunity. The commission said its investigations showed that Polyfarm was falsely presented as an investment platform linked to the popular blockchain platform Polygon, in order to gain the trust of the public.
NSCDC Hands Over Fake Crypto Currency Investment Suspect to EFCC
— EFCC Nigeria (@officialEFCC) January 30, 2026
The Economic and Financial Crimes Commission, EFCC on Friday, 30 January 2026, received a suspected operator of a fake crypto-currency investment platform, Polyfarm.
The suspect, Bamu Gift Wandji was arrested by… pic.twitter.com/mbShlqiFPE
“Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called ‘Polyfarm coin’ which he sold to the public,” the Commission said. The commission added that in a bid to promote the fraudulent platform, he promoted the scheme on several social media platforms, including X (formerly Twitter), WhatsApp, and Telegram. In addition, he also conducted several seminars in different locations in the country.
The EFCC claimed that Wandji conducted his seminars in populated cities like Lagos, Port Harcourt, and Lagos, describing their investments as an opportunity to change their life. However, the EFCC claimed that problems began for Wandji and his platform after many users reportedly started losing access to their funds on the Polyfarm platform. At the time, the suspect claimed the platform had been hacked by the Lazarus Group, a notorious cybercrime syndicate from North Korea.
The EFCC said that while investigations were ongoing to determine the size of the hack, they discovered that the platform was never hacked or compromised. “Our findings indicate that the suspect personally withdrew investors’ funds and diverted the money for personal use,” the EFCC said. The Nigerian agency further disclosed that Polyfarm was neither registered nor licensed by the Securities and Exchange Commission (SEC) to carry out crypto or investment activities in Nigeria.
Investigators also discovered that no real crypto investments were made with the use of funds, as the money from new participants was allegedly used to pay old investors, a structure that followed the typical Ponzi scheme. The EFCC Laos said further checks showed that the coin was not listed on CoinMarketCap or other recognized crypto asset tracking platforms. It mentioned that it plans to charge Wandji in court soon after the investigations into the extent of his acts are concluded.
Meanwhile, Nigeria’s SEC has warned residents to desist from investing in platforms that are not registered or regulated by the Commission. Over the years, several platforms have operated this Ponzi-style investment, swindling residents of millions of naira. Earlier this month, the agency issued a similar alert over an investment platform known as Tunbosayo Okekunle Strategic Alpha Fund (TOSAF). It claimed the platform was carrying out suspected fraudulent activities.
The commission said TOSAF presented itself as an investment platform offering stock options and other financial instruments, according to the statement on its website and other social media platforms. This comes amid the intensified efforts by regulators and law enforcement to combat investment fraud in Nigeria. Earlier this month, the SEC tapped the Nigerian police in a drive against Ponzi schemes and illegal investment operations in the country.
Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.
