Impersonation Schemes on the Rise as Illegal Investments Disguised as Foreign Brands Are Exposed

Jakarta, VIVA — The Illegal Financial Activities Eradication Task Force (Satgas PASTI) has halted the operations of two entities suspected of committing fraud through impersonation, or the misuse of licensed foreign company names. The cessation of activities was announced in a press release dated 23 February 2026 in Jakarta.

“Satgas PASTI has ceased the business activities of entities suspected of committing fraud through impersonation or misuse of licensed foreign company names, namely AMG Pantheon and Mbastack Periklanan Kreatif Terbatas (MBA),” the press release stated on Monday, 23 February 2026.

Satgas PASTI stated that AMG Pantheon was suspected of impersonating Pantheon Ventures, an international investment advisory firm licensed in the United States, Singapore and Japan. “Pantheon Ventures does not conduct crypto asset trading activities in Indonesia and has no affiliation with the entity operating under the name AMG Pantheon,” the press release added.

Based on the results of clarification and verification, AMG Pantheon’s activities in Indonesia were found to involve a fraudulent scheme through an application used to offer daily trading activities suspected of being fictitious.

AMG Pantheon was also found to be conducting business activities inconsistent with the licence issued by the Ministry of Investment and Downstreaming/BKPM. Furthermore, the application or website used was not registered as an Electronic System Operator (PSE) with the Ministry of Communication and Digital Affairs.

In practice, members were directed to open accounts with one of the registered Digital Financial Asset Traders (PAKD) in Indonesia and deposit funds for the purchase of USDT (USD Tether), which was subsequently transferred to AMG Pantheon’s wallet.

Members were then asked to register on the AMG Pantheon application, distributed by team leaders, to carry out daily trading activities suspected of being fictitious.

In addition to AMG Pantheon, Satgas PASTI also halted the activities of Mbastack Periklanan Kreatif Terbatas (MBA). This entity was suspected of impersonating MBAStack Limited, a licensed company in the United Kingdom operating as an advertising agency.

The Indonesian entity operated using a tiered member-get-member scheme. Clarification results showed that MBA held legal status as a sole proprietorship based in Serang, Banten.

However, its business activities were inconsistent with the licence issued by the Ministry of Investment and Downstreaming/BKPM and it was not registered as a PSE with the Ministry of Communication and Digital Affairs.