Indonesia's Financial Services Authority (OJK) Shuts Down Over 1,000 Illegal Investment Schemes by July 2022

Between 2018 and July 2022, the Financial Services Authority (OJK) shut down 1,064 illegal investment entities. However, a lack of public financial literacy regarding investment has led to the continued prevalence of illegal investment schemes, which continue to victimize many.

To avoid falling prey to illegal investments, the public should first check with the OJK regarding the legality of any business offering investments. Don't be swayed solely by the promised returns; carefully consider the risks involved before making any decisions.

The issue of illegal investment has resurfaced following the Attorney General's announcement that losses from the Indosurya Cooperative Savings and Loan (KSP) fraud and embezzlement case reached Rp106 trillion, affecting 23,000 customers. This represents the largest loss suffered by the public due to illegal investment in history.

In 2014, PT Golden Trader Indonesia Syariah (GTSI) engaged in illegal investment practices resulting in losses reaching trillions of rupiah. In 2017, PT First Anugrah Karya Wisata perpetrated a fraud scheme operating as a Hajj and Umrah travel agency.

Furthermore, in 1998, PT Qurnia Subur Alam Raya (QSAR) conducted an investment fraud under the guise of an agricultural business in Sukabumi, resulting in losses of approximately Rp900 billion. The Pandawa Group also carried out an investment fraud, causing losses of Rp400 billion.