Chronology of 94 KoinWorks Customers Deceived by Promises of Fund Repayment and 5 Percent Interest

JAKARTA, KOMPAS.com - At least 94 people have reported the peer-to-peer lending company KoinWorks to the police over allegations of fraud and misappropriation of funds. The victims’ legal representative, Alwin, stated that the total losses for the victims are currently estimated to reach Rp 40 billion. Alwin explained that the victims were initially attracted to using KoinWorks due to massive promotions through influencers on social media. At that time, KoinWorks was said to offer competitive interest or returns, accompanied by guarantees of fund protection and insurance. For several years, the customers still received profits. However, in October 2024, the customers suddenly could not withdraw their funds from the platform. It was later discovered that the CEO of PT Lunaria Annua Teknologi (LAT) at the time, Bernard Adrianto Arifin, reported alleged fraud amounting to Rp 365 billion in a partnership to Polda Metro Jaya. “When KoinWorks was unable to pay the victims’ money, KoinWorks then implemented a mechanism called standstill,” said Alwin. Through that mechanism, KoinWorks promised that the customers’ funds would be returned within two years with an additional 5 percent interest per year. In its development, the customers began to question the previously promised insurance guarantee. According to Alwin, KoinWorks claimed to be in a difficult situation because there were borrowers who failed to return the funds. After nearly a year had passed, the customers finally sought legal assistance and reported the case to law enforcement authorities. According to Alwin, from the beginning, KoinWorks is suspected of violating OJK regulations by providing loans exceeding the maximum limit of Rp 2 billion. In addition, the Rp 365 billion in funds claimed to have been absconded by a customer is suspected to have also flowed to internal parties of the company.