NSCDC Hands Fake Crypto Investment Operator to EFCC
The Economic and Financial Crimes Commission (EFCC) has taken custody of a suspected operator of a fake cryptocurrency investment platform, Polyfarm.
The suspect, Bamu Gift Wandji, was arrested by the Nigerian Security and Civil Defence Corps (NSCDC) in Gwagwalada on January 12, 2026, over his alleged involvement in a fraudulent investment scheme and was handed over to the EFCC on Friday, January 30, 2026, for further investigation.
EFCC investigations revealed that Wandji allegedly created a fake crypto investment platform known as Polyfarm, through which he lured unsuspecting Nigerians to invest in Polygon, promising unusually high returns. He further misled the public by claiming that Polyfarm had a native digital asset called “Polyfarm Coin,” which he sold to investors.
To promote the scheme, the suspect allegedly used social media platforms such as WhatsApp, X (formerly Twitter) and Telegram, while also organising seminars in cities including Kaduna, Lagos, Port Harcourt and Abuja, where the scheme was presented as a life-changing opportunity.
Investigations further showed that in October 2025, when subscribers could no longer access their funds, the suspect claimed the platform had been attacked by the Lazarus Group, a notorious cybercrime syndicate linked to North Korea.
However, EFCC findings established that Polyfarm was neither registered nor licensed by the Securities and Exchange Commission (SEC) to operate as a crypto investment platform in Nigeria. No legitimate investment was made with subscribers’ funds, as money paid by new investors was allegedly used to pay others under the guise of profits.
The Commission also discovered that Polyfarm Coin was never listed on CoinMarketCap and was essentially worthless. Contrary to claims of a cyberattack, investigations revealed that the platform was never hacked, but that the suspect personally withdrew investors’ funds for personal use.
The suspect will be charged to court upon the conclusion of investigations.
