Nigerian authorities have intensified their crackdown on crypto fraud following the arrest of a suspected Ponzi scheme operator.
Nigeria’s Economic and Financial Crimes Commission (EFCC) has taken custody of a suspected operator of a fake cryptocurrency investment platform known as Polyfarm, following allegations of large-scale fraud. The suspect, identified as Bamu Gift Wandji, was arrested by the Nigerian Security and Civil Defence Corps (NSCDC) and handed over to the EFCC.
According to investigators, Polyfarm was promoted as a legitimate crypto investment linked to the Polygon blockchain and claimed to have its own digital token, “Polyfarm coin.” These claims were false. The EFCC says Wandji promised unrealistic returns, promoted the scheme heavily on social media, and hosted seminars across major Nigerian cities to attract investors.
Subscribers reportedly lost access to their funds in October 2025. While the suspect blamed a foreign hacking group, investigations found no evidence of any hack. Authorities allege investor funds were diverted for personal use in a classic Ponzi-style setup. Polyfarm was also not registered with Nigeria’s SEC. The suspect will be charged after investigations conclude.
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