The Nigerian Safety and Civil Defence Corps (NSCDC) has arrested a suspected operator of a pretend cryptocurrency funding platform, Polyfarm, over allegations of large-scale fraud focusing on Nigerian traders.
The arrest and handover of the suspect have been disclosed by the {Economic} and {Financial} Crimes Fee (EFCC) in an announcement launched on Friday.
Based on 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 Reward Wandji, was luring unsuspecting Nigerians into the scheme by presenting Polyfarm as a professional cryptocurrency funding alternative.
The Fee stated its investigation revealed that Polyfarm was falsely introduced as a crypto funding platform linked to Polygon, a widely known blockchain community, so as to acquire public belief.
“Investigation additional revealed that he additionally deceived the general public that his challenge, Polyfarm, has its native token referred to as ‘Polyfarm coin’ which he offered to the general public,” the Fee stated.
Based on 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 added that Wandji shall be charged in courtroom upon the conclusion of ongoing investigations.
The Securities and Alternate Fee (SEC) has constantly warned Nigerians towards investing in platforms that aren’t registered or regulated by the Fee.
Over time, a number of platforms working in an identical method to Polyfarm have been flagged as Ponzi schemes.
Earlier this month, the SEC issued a public alert on an internet funding platform often called 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 {financial} devices, regardless of regulatory considerations.
The arrest comes amid intensified efforts by regulators and regulation enforcement companies to fight funding fraud in Nigeria.
Earlier this month, the SEC formally engaged the Nigeria Police Power (NPF) in a coordinated nationwide drive towards Ponzi schemes, unlawful funding operations and cryptocurrency-related fraud.
