Nigerian authorities have arrested a suspect, Bamu Gift Wandji, for allegedly operating a fraudulent cryptocurrency investment scheme named Polyfarm. The Economic and Financial Crimes Commission (EFCC) states the platform was unregistered, promised high returns on Polygon, and sold a fake “Polyfarm Coin.” Following reports from subscribers unable to withdraw funds, an investigation found no evidence of the claimed hack and alleges the scheme was a Ponzi operation.
The Nigerian Security and Civil Defence Corps has handed over suspected fraudulent crypto operator Bamu Gift Wandji to the Economic and Financial Crimes Commission (EFCC). He was arrested on January 12, 2026, over his alleged involvement in operating a fake crypto investment platform known as Polyfarm.
According to investigations carried out by the EFCC, Wandji allegedly created the platform to deceive Nigerians into investing in Polygon. He claimed these investments would generate unusually high returns and sold a purported native digital asset called “Polyfarm Coin.”
The suspect promoted the scheme across social media platforms including WhatsApp, X, and Telegram. He also reportedly organized physical seminars in major cities like Lagos and Abuja, presenting it as a ‘life-changing opportunity’.
Subscribers reportedly became unable to withdraw funds in October 2025. The operator falsely claimed the Polyfarm platform had been attacked by the Lazarus Group, a cybercrime syndicate.
EFCC investigations found no evidence that the platform was ever hacked or attacked. The Commission also disclosed that Polyfarm was neither registered nor licensed by Nigeria’s Securities and Exchange Commission.
The investigations revealed the scheme carried out no real crypto investments. Authorities suspect money from new subscribers was used to pay earlier participants, a pattern consistent with a Ponzi scheme.
So far, the EFCC has revealed the so-called Polyfarm Coin was never listed on CoinMarketCap or any other recognized crypto platform. The suspect will be charged to court upon the conclusion of ongoing investigations.
