THE ROLE OF FORENSIC ACCOUNTING IN PONZI SCHEMES AND INVESTMENT FRAUD
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- NGN 3000
Abstract: THE ROLE OF FORENSIC ACCOUNTING IN PONZI SCHEMES AND INVESTMENT FRAUD
This study examines the role of forensic accounting in detecting and mitigating Ponzi schemes and investment frauds, aiming to understand the methodologies used, the challenges faced, and the effectiveness of forensic interventions. The objectives are to identify the techniques used by forensic accountants to uncover Ponzi schemes, to assess the challenges encountered during investigations, and to evaluate the impact of forensic accounting interventions on fraud prevention and recovery. A survey research design was employed, with data collected from 320 forensic accountants and financial regulators in Lagos. The sample size was determined using Taro Yamane's formula, ensuring adequate representation. The survey instrument's reliability coefficient score was 0.86. Findings reveal that forensic accounting plays a critical role in identifying fraudulent investment schemes, but the complexity of these schemes and limited access to comprehensive data pose significant challenges. Recommendations include enhancing inter-agency collaboration for data sharing and increasing investment in forensic accounting tools and training to improve fraud detection and prevention capabilities.
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