BY SUNDAY SAMUEL—Nigerians searching for quick returns in the fast-growing crypto market were allegedly drawn into a fraudulent investment scheme that promised high profits but delivered losses instead.
Operatives of the Economic and Financial Crimes Commission, EFCC, are now investigating a suspected fake cryptocurrency platform known as Polyfarm, following the arrest of its alleged operator, who is accused of using false claims, social media promotions and seminars across major cities to lure unsuspecting investors
The suspect, Bamu Gift Wandji was arrested by the Nigerian Security and Civil Defence Corps, NSCDC, in Gwagwalada on January 12, 2026, for running a fraudulent investment scheme and was handed to the Commission for investigation.
Investigation by the EFCC revealed that the suspect created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token that attracts high returns.
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.
In his bid to promote the fraudulent scheme, the suspect had promoted the scheme on social media platforms including; WhatsApp, X (formally Twitter) and Telegram. He also conducted seminars in some major cities in Nigeria including Kaduna, Lagos, Port harcourt and Abuja where he described the scheme as a life -changing program.
Further investigation revealed that in October, 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by Lazarus group, a notorious cyber attacking group linked to North Korea.
Further investigations showed that the platform Polyfarm is not registered and not licenced with the Security and Exchange Commission, SEC, to carry out crypto transactions in Nigeria. Also, no investment happened with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the name of profit.
Investigation also revealed that native coin, polyfarm coin was never listed on coin market cap and that the suspect sold worthless coins to the general public.
Contrary to the claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors funds and utilized the same for his personal gains.
He will be charged to court upon conclusion of investigations.
