Ponzi Scheme Victims: Lawyers Outline Legal Steps to Recover Funds

Lawyers say victims of Ponzi schemes can pursue civil and criminal actions to recover losses. They may sue for breach of contract, seek winding-up orders at the Federal High Court, and ask regulators to freeze beneficiary accounts. But recovery often fails if promoters have already moved funds abroad. Experts urge early reporting to law enforcement and financial regulators. Victims can file petitions with the EFCC, the police, or the SEC. Civil claims may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation. Legal practitioners describe these schemes as a gamble favouring early entrants while late investors suffer the loss. They call for stronger laws, a ban on Ponzi operations, and ongoing public awareness campaigns to protect Nigerian investors.

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