The Nigerian Security and Civil Defence Corps (NSCDC) has handed over a suspected operator of a fake cryptocurrency investment platform to the Economic and Financial Crimes Commission (EFCC) for investigation.
The suspect, Bamu Gift Wandji, was arrested by the NSCDC in Gwagwalada on January 12, 2026, over his alleged involvement in a fraudulent cryptocurrency investment scheme operating under the name Polyfarm.
Confirming the development, the EFCC said it received the suspect on Friday, January 30, 2026, and has commenced investigations into the alleged scam.
Preliminary investigations revealed that Wandji allegedly created a fake cryptocurrency investment platform known as Polyfarm, through which he reportedly lured unsuspecting Nigerians to invest in Polygon, a cryptocurrency token he claimed offered unusually high returns.
Further findings showed that the suspect also deceived members of the public by claiming that Polyfarm had a native digital asset known as “Polyfarm Coin,” which he allegedly sold to investors.
According to the EFCC, the suspect promoted the scheme extensively on social media platforms, including WhatsApp, X (formerly Twitter), and Telegram. He also reportedly organised seminars in major Nigerian cities such as Kaduna, Lagos, Port Harcourt, and Abuja, where he described the scheme as a “life-changing” investment opportunity.
Investigations further revealed that in October 2025, subscribers who were unable to access their funds were informed by the suspect that the platform had been attacked by the Lazarus Group, a notorious cybercrime syndicate linked to North Korea.
However, the EFCC stated that investigations showed Polyfarm was neither registered nor licensed by the Securities and Exchange Commission (SEC) to carry out cryptocurrency or investment transactions in Nigeria. The Commission also discovered that no real investments were made with subscribers’ funds.
The EFCC disclosed that funds paid in by new subscribers were allegedly used to pay earlier investors, a pattern consistent with a Ponzi scheme. It was also established that “Polyfarm Coin” was never listed on CoinMarketCap, making the digital asset effectively worthless.
Contrary to the suspect’s claim of a cyber attack, investigations revealed that the platform was never hacked and that the suspect allegedly withdrew investors’ funds for personal use.
The EFCC stated that the suspect will be charged to court upon the conclusion of investigations.