Investment Scams in Morocco: Complete 2026 Guide for Victims

An investment scam in Morocco is not merely an investment that went wrong. For conduct to constitute fraud, Article 540 of the Criminal Code requires fraudulent manoeuvres intended to deceive the victim and obtain the delivery of money, securities or property. A fake platform, fabricated profit statements, falsely claiming to be a financial adviser or promising a guaranteed return are serious indicators. A loss arising from a clearly disclosed risk is not, by itself, sufficient to establish the offence.

Article 540 punishes fraud with one to five years’ imprisonment and a fine of 500 to 5,000 MAD. Additional charges may be brought where the scheme involves forged contracts, a false identity, money laundering or the unlawful conduct of a regulated activity. Criminal punishment and compensation are separate matters: imprisonment punishes the offender, while restitution of funds and damages require the victim to submit a specific civil claim.

The breach of trust offence under Article 547 of the Criminal Code concerns a different situation. The money was initially entrusted lawfully for a specified purpose, then misappropriated or dissipated to the detriment of its owner. This includes, for example, a manager who receives funds to purchase specified shares but uses them for personal purposes. In its ordinary form, breach of trust is punishable by six months to three years’ imprisonment and a fine of 200 to 2,000 MAD, subject to any aggravating circumstances provided for by law.

Banking and market activities are also regulated. Law No. 103-12 on credit institutions governs, in particular, the receipt of funds from the public and replaces former Law No. 34-03. Law No. 43-12 establishes the Moroccan Capital Market Authority, while Law No. 44-12 governs public offerings and the information required from issuers. A company that collects savings, provides investment advice or offers financial instruments without authorisation may therefore commit both a financial offence and fraud.

Ponzi schemes and certain MLM structures become criminally suspicious when returns to earlier participants are paid with money from new entrants, without any genuine economic activity. The same applies to a forex or crypto platform that displays fake profits and then demands a purported release tax. In practical terms, the case file must demonstrate the initial deception, the transfer of funds, the loss and the link between these elements. This classification will guide the Public Prosecutor’s Office, the AMMC and seizure applications.

Three avenues may be pursued together. Reporting the matter to the AMMC helps determine whether the operator is authorised, link multiple cases and, where appropriate, initiate an administrative inspection. A criminal complaint allows the authorities to identify offenders, conduct searches, seize devices and prosecute the fraud. A civil claim seeks restitution of the capital and compensation for the loss. Caution: a form sent to the AMMC or Bank Al-Maghrib never replaces a complaint filed with the Public Prosecutor’s Office or judicial police.

The AMMC receives complaints and reports concerning financial instruments, market participants and unlawful solicitations of investors. It may investigate within the limits of its powers, penalise certain breaches and refer facts potentially constituting an offence to the Public Prosecutor’s Office. Its public warnings, including those issued in 2025 against unauthorised offerings, may usefully be attached to the case file. However, the AMMC neither tries the fraudster nor reimburses victims itself.

An ordinary complaint is addressed to the King’s Public Prosecutor at the territorially competent Court of First Instance or filed with a police or Gendarmerie service. Article 40 of the Code of Criminal Procedure entrusts the King’s Public Prosecutor with receiving complaints and deciding what action to take. This avenue is accessible and does not require a security deposit. The Public Prosecutor’s Office may order an investigation, prosecute directly, refer the matter to an investigating judge where required by law or justified by its complexity, or close the case without further action.

A complaint accompanied by an application to join the proceedings as a civil party is provided for by Articles 92 et seq. of the Code of Criminal Procedure. It is submitted to the competent investigating judge and initiates public prosecution subject to the statutory conditions, after referral to the Public Prosecutor’s Office. The judge may require a security deposit to guarantee payment of a potential civil fine if the complaint is abusive. This avenue does not mean that every allegation will automatically be upheld: the application may still be ruled inadmissible or the case dismissed if the requirements are not met or evidence is lacking.

Article 7 of the Code of Criminal Procedure allows a victim who has suffered personal, direct and certain harm to seek compensation before the criminal court. The victim may also bring a separate claim before the civil court under Articles 77 and 78 of the Code of Obligations and Contracts. In practice, initiating parallel civil proceedings too early may result in a stay pending the outcome of the criminal case. The strategy depends mainly on identifying the offender, the existence of seizable assets and the urgency.

Obtaining a conviction is of little value if the accounts have been emptied in the meantime. As soon as the complaint is filed, prepare a map of known assets: bank accounts, registered real property, vehicles, company shares, businesses and receivables held by third parties. Merely asserting that the suspect will arrange their insolvency is generally insufficient. Produce evidence of recent withdrawals, sale advertisements, messages indicating flight, company dissolutions or transfers between accounts that make the threat concrete.

In civil proceedings, an application may be submitted to the president of the court for authorisation of a protective measure, particularly under the provisions of the Code of Civil Procedure governing ex parte orders and seizures. Article 148 governs ex parte orders in matters assigned to it. Depending on the asset concerned, the lawyer will seek a protective seizure or garnishment in the hands of a bank or debtor. It is necessary to establish a claim that appears well founded and a risk justifying the measure.

An urgent order can sometimes be obtained within a few days, but the frequently advertised period of 24 to 72 hours is neither guaranteed nor prescribed by law. It depends on the court, the quality of the supporting evidence and the precise identification of the asset or garnishee. The order must then be enforced and served by a judicial officer. For a bank, the notice must correctly identify the institution; for registered real property, compliance with the formalities before the ANCFCC is decisive.

During a criminal investigation or judicial investigation, the Public Prosecutor’s Office and investigating judge have search and seizure powers under the Code of Criminal Procedure. The mechanisms established by Law No. 43-05 on combating money laundering may also apply where the funds are the proceeds of an offence. However, the victim cannot directly instruct the bank to freeze assets. The victim provides the authorities with the relevant references and submits a reasoned memorandum explaining the need for prompt action.

Beware of excessively broad applications. Freezing all of a person’s assets in respect of a poorly documented claim may be challenged and expose the applicant to an application to discharge the measure or a claim for compensation. The amount sought should be consistent with the capital paid, directly established costs and a reasonable estimate of the loss. Third-party accounts cannot be seized merely because they belong to a relative of the suspect; their involvement, a fraudulent transfer or a debt genuinely owed to the offender must be demonstrated.

The application to join proceedings as a civil party must quantify the harm suffered. The first item is the capital actually transferred, less any repayments already received. Bank charges, transfer costs, expenses directly caused by the acts and, where demonstrated, moral damage may be added. Fictitious gains displayed by the platform are not automatically compensable. A promise of a 20% monthly return does not become a certain claim merely because it appears on a manipulated dashboard.

Articles 77 and 78 of the Code of Obligations and Contracts establish liability for fault that has caused damage. The victim must establish personal, direct and certain harm, as well as its connection with the alleged acts. Attach a table of transfers, statements, partial repayments and expenses. For a victim company, operating losses must be documented through its accounts and, often, an expert assessment. An overall claim without supporting documents is frequently reduced by the court.

The criminal judgment may order restitution and damages if the civil claim is admissible and proven. Once the decision is enforceable, it must be served and then enforced by a judicial commissioner. The commissioner may trace and seize assets within the limits of the enforcement order: a bank account, vehicle, real property, trade receivable or seizable shares. A conviction does not always result in voluntary payment. Enforcement must be monitored, certain searches repeated and transactions intended to arrange insolvency kept under review.

As a general rule, there is no Moroccan public fund guaranteeing reimbursement of losses suffered through an investment scam. The AMMC and Bank Al-Maghrib do not take the perpetrator's place. If the perpetrator is insolvent, the judgment may remain partially unenforced despite a final conviction. This is why early seizures and the identification of beneficial owners are important. Where there are several victims, coordination helps reconcile the accounts, but each victim must itemise their payments and harm.

An amicable settlement remains possible, but it must be secured. Identify the acknowledged debt, payment schedule, guarantees, consequences of default and the effect on the application to join proceedings as a civil party. Withdrawal of the civil claim does not necessarily terminate criminal proceedings, which the Public Prosecutor's Office may continue. Do not withdraw a complaint in return for a mere oral promise or an initial token payment. Also have it verified that a clause does not artificially recharacterise the fraud as a freely accepted risky investment.

The first mistake is waiting for a repayment promised every week. Meanwhile, the accounts are emptied and the limitation period continues to run. The second is relying solely on a report to the AMMC or the bank. These institutions may use the information, but they do not automatically initiate criminal proceedings. The third is publicly warning the perpetrator before any protective measure is taken. A Facebook post may cause data and assets to disappear without providing the judge with any additional evidence.

Another difficulty is poorly preserved digital evidence. Cropped screenshots without a number or date are vulnerable to challenge. Do not hand over your only phone without making a backup, and do not alter the original files. Also avoid a collective complaint that adds together losses without distinguishing each victim's transfers. A joint case may reveal the scheme, but each person must provide their identity, communications, payments, repayments received and individual harm.

A lawyer experienced in business criminal law begins by checking the legal classification, territorial jurisdiction and limitation period. The lawyer prepares a usable chronology, identifies the companies and coordinates the complaint with a seizure request. During the investigation, the lawyer may file written submissions, request measures permitted by the procedure, monitor expert assessments and respond to arguments portraying the fraud as a mere commercial risk. The lawyer also quantifies the civil claim to avoid compensation being reduced due to insufficient supporting documents.

The lawyer's involvement becomes particularly useful when several bank accounts are involved, the perpetrator uses shell companies, the funds have left Morocco or an urgent seizure is contemplated. For a limited loss and a clearly identified perpetrator, filing a complaint personally remains possible. In all cases, require an agreement stating the scope of the engagement, the hearings included, costs, fees relating to appeals and the terms of any additional success fee.

No lawyer can guarantee recovery. The outcome depends on the evidence, investigations, legal classification adopted and, above all, the solvency of those responsible. The correct approach is to act quickly without acting blindly: preserve the originals, file a structured complaint, target identified assets and sign no improvised agreement. A methodical case increases procedural effectiveness, but it can never turn an insolvent debtor into a solvent one.