Indonesian Task Force Halts PT EVI's 'Green Economy' Investment Scheme Over Illegal Fundraising Allegations

The Task Force for the Eradication of Illegal Financial Activities (Satgas PASTI) has halted the business activities of PT Econext Ventures Indonesia (EVI), which is suspected of offering investment schemes through a multi-level marketing model. PT EVI allegedly committed fraud by collecting public funds under the guise of investing in technology products, particularly the green economy, which it equated with securities crowdfunding. In its offering, PT EVI claimed it was in the process of obtaining a licence from the Financial Services Authority (OJK). Based on clarification and verification, it was found that PT EVI does not hold a licence from the OJK as a Securities Crowdfunding Service Provider, conducted business activities inconsistent with the permit issued by the Ministry of Investment and Downstreaming/BKPM, and its application/website was not registered as an Electronic System Operator (PSE) with the Ministry of Communication and Digital Affairs. The company was also registered as a member of the Indonesian Crowdfunding Services Association (ALUDI). In response to these findings, Satgas PASTI has ordered PT EVI to cease its activities and will block access to the related application and/or URL. Meanwhile, ALUDI has revoked PT EVI’s membership status. Satgas PASTI will also coordinate with law enforcement officials for further legal action. The public who have suffered losses are urged to immediately report to local law enforcement to expedite the handling process. The task force reiterated its call for the public to remain vigilant against investment offers or financial activities promising illogically high returns, especially those claiming to be in the process of obtaining a licence from the OJK.