A Series of Losses Suffered by Victims of Robot Trading Scams, AGT Shows the Largest Losses

Wahyu Kenzo, often called the "crazy rich" of Surabaya, was arrested by the Malang Police for alleged fraud and violations of the Electronic Information and Transaction Law (ITE) through his Auto Trade Gold (AGT) trading robot. This trading robot was unlicensed.

141 investors reported losses totaling over Rp15 billion (approximately US$1 million). This figure is still tentative.

The East Java Police Chief, Inspector General Tono Hermanto, stated that the projected total loss could reach Rp9 trillion (approximately US$600 million), based on an estimated 25,000 victims. Victims are not only from Indonesia but also from abroad.

This makes AGT one of the largest trading robot fraud cases in terms of the number of victims and the amount of losses.

As reported by *Liputan 6*, victims purchased robots and deposits for varying amounts. MY, one victim, bought a robot for over Rp42 million (approximately US$2,800) and deposited over Rp1 billion (approximately US$67,000) in November 2021.

Initially, victims received profits as promised. However, problems arose when victims were unable to withdraw funds, regardless of the amount. MY reported the incident to the police on September 21, 2022.

Wahyu repeatedly avoided police summons. The businessman was finally arrested on Saturday, March 4, 2023. Police declared him a suspect after a case hearing on Sunday, March 5, 2023.

Fraudulent investment schemes using trading robots are not limited to Wahyu and AGT. This type of crime surged during the COVID-19 pandemic (2020-2021). Who were the perpetrators, and what were the losses suffered by their victims?

* Binomo

The scandal surrounding fraudulent trading began with the exposure of victims of the Binomo trading app. Medan's "crazy rich," Indra Kenz, was accused of online gambling fraud and spreading false information through the app, affecting 144 victims with total losses of Rp83 billion (approximately US$5.5 million) as of August 2022.

Prosecutors stated that victims' money went into Indra's personal account. Profits were then withdrawn to several of his accounts via payment gateways.

According to *CNN Indonesia*, prosecutors said Indra Kenz offered false hope of instant wealth through trading.

* Quotex

Doni Salmanan, a social media celebrity with connections to several artists, was prosecuted for allegedly defrauding investors through the illegal Quotex trading app.

*CNN Indonesia* reported that prosecutors from the Bale Bandung District Attorney's Office stated that Doni Salmanan had 142 victims with losses exceeding Rp24 billion (approximately US$1.6 million) as of August 2022.

The 24-year-old amassed assets worth Rp64 billion (approximately US$4.3 million) in just one year, allegedly profiting from Quotex investors.

Brigadier General Asep Edi Suheri, Director of Cyber Crimes at the Indonesian National Police's Criminal Investigation Agency, revealed that Doni received an 80% profit when members lost in trading. When members won, they received an 80% profit, and Doni received 20%.

"This was to motivate the suspect himself. Suspect DS wanted to profit personally and make this his livelihood," said Asep, as reported by *Gatra.com*.

* Net89

Net89 allegedly embezzled funds from 4,000 investors. Losses are estimated at Rp3 trillion (approximately US$200 million), as reported by *CNBC Indonesia* on Monday, October 31, 2022.

Several public figures were among the victims, including Atta Halilintar, Taqy Malik, Adri Prakarsa, Kevin Aprilio, and motivational speaker Mario Teguh.

The Indonesian National Police's Criminal Investigation Agency also named Reza Shahrani, alias Reza Paten, as a suspect in the Net89 trading robot case. He is the owner of the company.

According to *Detik.com*, the Indonesian Financial Transaction Reports and Analysis Centre (PPATK) froze Reza's accounts containing over Rp1 trillion (approximately US$67 million). The funds allegedly originated from 150 of Reza Paten's accounts across 25 different banks.

* DNA Pro Akademi

Another shocking trading robot case involves DNA Pro Akademi, with estimated losses of Rp551.72 billion (approximately US$37 million). This figure is based on 3,621 victims as of May 2022, as reported by *Tempo.co*.

The Indonesian National Police's Directorate of Special Economic Crimes (Dittipideksus) named 14 suspects in the case. The CEO of DNA Pro, Daniel Abe, was also arrested.

* Fahrenheit

Around the same time as the DNA Pro case, another fraudulent trading robot case involved Fahrenheit. This fraudulent investment allegedly caused losses of Rp358 billion (approximately US$24 million) to 1,149 victims.

In a December 12, 2022, court ruling, Fahrenheit's CEO, Hendry Susanto, was found guilty and sentenced to 10 years in prison and a fine of Rp3 billion (approximately US$200,000). Four other suspects were also involved.

The court also ordered the confiscation of assets, including Rp89.6 billion (approximately US$6 million) in cash; one apartment; and two luxury cars (a Toyota Fortuner and a Lexus), to be given to the victims who are members of the Fahrenheit Investor Solidarity Association (SIF).

According to *Investor.id*, victims stated that this amount is significantly less than their actual losses.