<![CDATA[The phenomenon of illegal investment in Indonesia continues to increase and causes significant losses to the public. The rise of investment fraud schemes, such as Ponzi schemes and unauthorized offerings, demonstrates the weakness of early detection and the state's delay in taking preventive and repressive measures. This delay directly impacts the legal standing of victims, who often lack adequate protection in criminal, civil, and administrative proceedings. This study aims to analyze the legal standing of victims of illegal investment, the forms of legal protection available, and the state's responsibility for delays in supervision and law enforcement. The research method uses a normative juridical approach by examining laws and regulations, court decisions, and relevant literature. The results indicate that victims are in a weak position due to the lack of specific regulations regarding the recovery of illegal investment losses and the suboptimal mechanisms for restitution, compensation, and oversight by relevant authorities such as the Financial Services Authority (OJK), the Investment Alert Task Force, and the police. This study recommends strengthening legal instruments, establishing a victim restitution fund, and accelerating state action as a form of constitutional responsibility in providing protection to citizens. Thus, legal protection for victims of illegal investment can be realized effectively and fairly.]]>
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