Polyfarm crypto rip-off: NSCDC nabs operator accused of wiping traders’ funds
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 focusing on Nigerian traders.
The arrest and handover of the suspect had been disclosed by the {Economic} and {Financial} Crimes Fee (EFCC) in an announcement launched on Friday.
In line 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 mentioned the suspect, recognized as Bamu Reward Wandji, was luring unsuspecting Nigerians into the scheme by presenting Polyfarm as a reliable cryptocurrency funding alternative.
The Fee mentioned its investigation revealed that Polyfarm was falsely introduced as a crypto funding platform linked to Polygon, a well known blockchain community, in an effort to achieve public belief.
“Investigation additional revealed that he additionally deceived the general public that his venture, Polyfarm, has its native token referred to as ‘Polyfarm coin’ which he offered to the general public,” the Fee mentioned.
In line 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 mentioned.
The Fee added that Wandji will probably be charged in courtroom upon the conclusion of ongoing investigations.
The Securities and Trade 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 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 mentioned 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 issues.
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 Drive (NPF) in a coordinated nationwide drive towards Ponzi schemes, unlawful funding operations and cryptocurrency-related fraud.