This article analyzes the legal nature of disputes arising from collective investment fund contracts in Peru, evaluating the applicability of criminal, civil, and administrative avenues. It argues that mere breach of contract or frustration of the subscriber's expectations does not, in itself, constitute the crime of fraud, unless prior deception is proven. In this regard, it concludes that the primary recourse lies with Civil Law and, specifically, Consumer Protection Law through INDECOPI (the National Institute for the Defense of Competition and the Protection of Intellectual Property), reserving criminal intervention as a last resort only for cases of duly proven fraud.