Can You Recover Money Lost to an MLM or Investment Scam in Ghana? ASJ Legal & Practical Guide

The short answer is: It depends—but recovery is possible, and has happened. Under Ghanaian law, while the chances of recovering every pesewa are often slim, there are established legal pathways and recent precedents showing that victims can get their money back.

The journey to recovery is rarely easy, but it is not hopeless. You must act quickly, gather your evidence, and follow the right channels—police, courts, and civil litigation.

Part 1: The Burden of Proof (What You Must Prove)

Under Ghanaian law, the burden rests on you, the victim, to prove your case on a balance of probabilities in a civil court. You must establish three things :

1. There was a contract or agreement to invest: You must provide evidence of your agreement with the promoter.

2. You paid money to the promoter: This is where bank statements, mobile money receipts, or even informal receipts become critical.

3. The promoter failed to repay or perform according to the agreement: You must show that the promised returns never materialized, and the promoter has failed to return your capital.

As the court in Janet Korkor Kweitsu v. NDK Financial Services emphasized, the plaintiff’s case is built on the documentary evidence they possess . Without proof of the transaction, you have no case.

Part 2: The Criminal Path – How the State Can Recover Your Money (EOCO & Police)

Sometimes, the government steps in to help. The most successful recent example of large-scale recovery in Ghana is the work of the Economic and Organised Crime Office (EOCO).

The $15.19 Million Recovery (December 2025/January 2026)

This is the most significant case of its kind in Ghana’s history. EOCO, working with international partners (UK’s NCA and crypto tracing firms), dismantled a massive Ponzi scheme that had been operating since 2019 .

How did it work? The fraudsters, mainly Chinese and Malaysian nationals, set up a Ghanaian company. They used e-commerce websites and high-pressure sales tactics (VIP packages ranging from GHS 770 to GHS 9,240) to lure victims and encouraged them to recruit more people . Victims were told they could earn fantastic returns by operating a “trading account” .

What did EOCO do? Using advanced blockchain forensic tools (like Chainalysis Reactor), EOCO traced the crypto payments and identified the wallets held on an offshore exchange (OKX). In a groundbreaking legal move, they obtained a High Court order freezing the wallets and eventually forced the transfer of the assets to a UK custodian, where they were converted into $15,191,730.13 in cash .

What this means for you: This case proves that Ghanaian law enforcement agencies have the capability and the legal mandate (through EOCO and the Police CID) to trace assets, freeze accounts, and return money to victims. But they need leads. You must report the crime to the Commercial Crime Unit (CCU) of the CID or to EOCO directly .

Part 3: The Civil Litigation Path – Suing for Recovery in Court

If the criminal route is slow or the scammer is not arrested, you have the right to sue in a civil court (District Court, Circuit Court, or High Court depending on the amount).

How the Courts Decide

Ghanaian courts have consistently ruled that you are entitled to get your principal back. However, there is a major hurdle: illegality.

The Legal Danger: If you invested in a scheme that was operating without a license (e.g., an unlicensed fund manager or a company not authorized by the SEC), the court may deem the contract illegal and refuse to enforce the interest terms .

What you CAN recover (Principal): Even if the contract is illegal, the Courts of Equity have established the principle of restitution. You are generally entitled to get back the actual money you paid (the principal) because the scammer cannot be unjustly enriched .

What you MAY NOT recover (Interest/Promised Returns): The court will almost certainly not award you the astronomical “100% in 30 days” interest promised by the scam. As seen in FND Investment v. Sulley Dolley (Supreme Court), the court must balance the equities .

Recent Precedents (Good News for Victims)

• Asiya Portia Musah v. Seidu Buokori : A retired matron invested her pension savings with a businessman who promised high returns. He refused to pay. The court reviewed the receipts and awarded her the principal back (GH¢79,557.45), recognizing the debt.

• Janet Korkor Kweitsu v. NDK Financial Services : The court struck out the defence of the investment firm for failing to file a witness statement. The court entered judgment for the plaintiff because the company simply had no defense. A judgment like this allows you to place a lien on the company’s assets or garnish their bank accounts.

Part 4: The Harsh Reality – What Happens if the Money is Gone?

Even if you win in court, you cannot get blood from a stone. The Menzgold case is the ultimate cautionary tale.

• The Outcome: The Attorney General eventually declared Menzgold a Ponzi scheme. A criminal case was pursued. But the company’s assets were insufficient to cover the billions owed to an estimated 1.8 million customers .

• The Government’s Position: The Minister of Finance stated unequivocally that the government is under no legal obligation to pay victims of illegal schemes . Do not wait for a “government bailout.”

• The Lesson: Time is critical. The longer you wait, the more likely the scammer will liquidate assets, move the money, or simply disappear.

Part 5: Your Step-by-Step Action Plan

If you have lost money, do not sit on your hands. Follow this checklist immediately:

• Step 1: Gather Your Evidence. Get every receipt, bank statement, MoMo transaction ID, WhatsApp message, and advertisement. You need “Exhibit A” to prove you gave them money .

• Step 2: Report to the Authorities.

  • Police CID: Specifically the Commercial Crime Unit (CCU) in Accra . Request an investigation. You can pay a fee (GH¢92.00 in 2024 guidelines) to get an official Investigation Report later .

  • EOCO (Economic and Organised Crime Office): If the fraud is complex or involves large sums, file a complaint with EOCO.

• Step 3: Consult a Lawyer. Do not try to litigate this yourself. Show a lawyer your evidence to determine if you have a valid civil claim for the principal.

• Step 4: Secure a Court Order (If Possible). If you know the company still has assets (a building, a car, a bank account), you can apply for Garnishee or Attachment proceedings to freeze the money before the judgment is entered.

ASJ Conclusion

Recovering money from an MLM or investment scam is difficult, but it is not impossible. The law is on your side regarding the return of your principal investment. The Attorney-General’s recent $15 million recovery proves that persistence pays off.

However, the moral of the story is prevention. If an offer seems too good to be true (e.g., “double your money in 24 hours” ), it is almost certainly a trap. Verify licensing with the SEC (Toll-Free: 0800 100065) before you invest a single cedi. Your best protection is due diligence.

Source: Accra Street Journal 

Last Updated on June 10, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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