The Nigerian Safety and Civil Defence Corps (NSCDC) has arrested a suspected operator of a faux cryptocurrency funding platform, Polyfarm, over allegations of large-scale fraud concentrating on Nigerian traders.
The arrest and handover of the suspect have been disclosed by the Financial and Monetary Crimes Fee (EFCC) in an announcement launched on Friday.
In keeping with the anti-graft company, preliminary investigations present that the suspect allegedly created and ran a fraudulent crypto funding scheme that promised unrealistic returns and deceived members of the general public.
The EFCC stated the suspect, recognized as Bamu Present Wandji, was luring unsuspecting Nigerians into the scheme by presenting Polyfarm as a reputable cryptocurrency funding alternative.
What the EFCC is saying
The Fee stated its investigation revealed that Polyfarm was falsely introduced as a crypto funding platform linked to Polygon, a widely known blockchain community, in an effort to achieve public belief.
“Investigation additional revealed that he additionally deceived the general public that his undertaking, Polyfarm, has its native token referred to as ‘Polyfarm coin’ which he bought to the general public,” the Fee stated.
- In keeping with the Fee, in his bid to advertise the fraudulent scheme, the suspect had promoted the scheme on social media platforms together with WhatsApp, X (previously Twitter) and Telegram.
- He additionally carried out seminars in some main cities in Nigeria, together with Kaduna, Lagos, Port harcourt and Abuja, the place he described the scheme as a life -changing program.
False hacking declare and regulatory breaches
In keeping with the EFCC, issues started for subscribers round October 2025 when many traders reportedly misplaced entry to their funds on the Polyfarm platform.
On the time, the suspect allegedly claimed the platform had been hacked by the Lazarus Group, a infamous cybercrime syndicate linked to North Korea.
EFCC investigations, nonetheless, discovered no proof that Polyfarm was ever hacked or compromised.
“Our findings point out that the suspect personally withdrew traders’ funds and diverted the cash for private use,” the EFCC stated.
- The Fee additional disclosed that Polyfarm was neither registered nor licensed by the Securities and Alternate Fee (SEC) to hold out cryptocurrency or investment-related actions in Nigeria.
- Investigators additionally discovered that no actual crypto investments have been made with subscribers’ funds, as cash from new contributors was allegedly used to pay earlier traders, a construction typical of Ponzi-style schemes.
- The EFCC stated additional checks confirmed that the so-called Polyfarm coin was by no means listed on CoinMarketCap or any recognised crypto asset monitoring platform.
The Fee added that Wandji will likely be charged in court docket upon the conclusion of ongoing investigations.
Flashback
The Securities and Alternate Fee (SEC) has persistently warned Nigerians towards investing in platforms that aren’t registered or regulated by the Fee.
Over time, a number of platforms working in an analogous method to Polyfarm have been flagged as Ponzi schemes.
Earlier this month, the SEC issued a public alert on a web based funding platform often known as Tunbosayo Okekunle Strategic Alpha Fund (TOSAF) over suspected fraudulent actions.
The Fee stated TOSAF introduced itself on its web site and social media platforms as an funding outfit providing inventory choices and different monetary devices, regardless of regulatory considerations.
What you need to know
The arrest comes amid intensified efforts by regulators and regulation enforcement businesses to fight funding fraud in Nigeria.
Earlier this month, the SEC formally engaged the Nigeria Police Drive (NPF) in a coordinated nationwide drive towards Ponzi schemes, unlawful funding operations and cryptocurrency-related fraud.
- The collaboration was unveiled in Abuja throughout a strategic assembly between the SEC Director Basic, Dr Emomotimi Agama, and the Inspector General of Police, Kayode Egbetokun.
- The engagement goals to set up a joint activity drive and strengthen cyber collaboration between each establishments.
- The goal is to shut enforcement gaps, enhance intelligence sharing and improve investor safety nationwide.
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