An investor in an asset management group suspected of being involved in a Ponzi fraud says more should have been done to protect customers with bank accounts in the Isle of Man.

It has emerged that one bank in the island, Lloyds, has refunded, in full or in part, six people who invested in the collapsed 79th Group.

An investor who banked with NatWest Isle of Man has also had their funds returned.

But a support network for affected mini-bond holders has accused other banks of stalling or rejecting their claims.

One investor has written to Chief Minister Alfred Cannan calling for greater protection for banking sector clients.

City of London Police announced in February last year it was investigating the family-run 79th Group in connection with allegations of suspected widespread fraud.

Around 3,700 investors, including dozens who banked in the Isle of Man, could potentially face significant financial losses following the company’s collapse - and for many it could mean the loss of their life savings.

It is estimated that more than £200m is owed.

The Southport-based group, led by David Webster, was placed in administration in April last year.

Joint administrators say their findings to date indicate that the 79th Group investment scheme was ‘likely operated as a Ponzi scheme’.

The group has categorically denied any wrongdoing.

Worldwide freezing orders and injunctions have been imposed against the directors and connected parties.

The informal support network for affected investors now has more than 600 members, of whom in excess of 60 banked through the Isle of Man.

One member, who does not wish to give her name, believes the island’s banking sector is heavily implicated.

She has written to the Chief Minister, saying: ‘As an affected investor of this global scam, I am seeing first-hand how IoM international banks are dismissing any responsibility.

‘What, if any, measures are being discussed within government to rectify the flimsy protections currently offered to your banking sector clients?’

She told Media IoM: ‘We have been reaching out to our respective banks for advice and guidance and to affect reimbursements of our stolen funds.

‘To say the response from Isle of Man banks has been inconsistent and ineffectual is an understatement.

‘An increasingly large number of UK banks have reimbursed their clients and Lloyds in the Isle of Man has followed suit, reimbursing six investors to date.

‘The remaining banks in the IoM are either stalling or outright rejecting any claims submitted to them.’

Lloyds has refunded sums ranging from £25,000 to almost £220,000 to 79th Group investors who held accounts in the island.

In at least one case it acknowledged it could have done more to protect the customer from what it described as ‘Authorised Push Payment fraud’ where fraudsters convince victims to send them money.

Named after the 79th element in the periodic table, gold, the 79th Group offered loan notes - also known as mini bonds - to investors with the promise of a high interest return.

Four people have been arrested and released on police bail while inquiries continue.

Liquidators for two Isle of Man-based subsidies put up for sale a private jet and a light aircraft.