Nigerian authorities have arrested Bamu Gift Wandji over an alleged fake crypto investment scheme, as the EFCC warns Nigerians against rising cryptocurrency-related fraud.
Nigerian law enforcement agencies have arrested Bamu Gift Wandji, the alleged operator of a fake cryptocurrency investment platform known as Polyfarm, for defrauding Nigerians through a Ponzi-style scheme. The arrest was disclosed by the Economic and Financial Crimes Commission (EFCC) following investigations into complaints of lost investor funds.
“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,” the EFCC said, adding that the platform was unregistered, falsely linked to Polygon, and that Wandji allegedly diverted investors’ funds for personal use.