Reasons Why Nigeria Court House Don’t Accept Ponzi Cases
According to Badamasi Gandu, a private lawyer in Kano, the majority of the evidences given in court in Ponzi cases are inadmissible because there were no apparent or tracable signs that one had been fooled.
“These crooks are really smart, because there is no physical spot to meet them. Where did you move the money to?” “These criminals are incredibly smart.” Is there a way to track the account? Even if they are detected, most accounts utilised are untraceable and they cannot be charged without evidence,” he explained.
A Ponzi scheme is an example of an illegal trade, and both the victim and the initiator of the scheme face the possibility of arrest under the law if they are discovered engaging in it. This is due to the fact that the Ponzi scheme was never intended to be a legitimate business in the first place. He also mentioned that people engage in illegal businesses because they want to make quick money.
“The victim has the intention of cheating the initiator, the initiator knows this and will start as trusted and tested to gain the trust of the individual, this continues until after a particular period when the ponzi schemers have received their target and can no longer lie by using the invested money of their new client to give the old client and boom! They try to conceal themselves,” he explains.
Mr. Badamasi urged people to educate themselves on the reality that there is no such thing as quick cash, stating that “nothing good comes easy” and that they should “refrain from such act as there is no gain without pain.
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