Indonesian Task Force Halts Snapboost's Illegal Investment Scheme

The Illegal Financial Activity Eradication Task Force (Satgas PASTI) has halted the business activities of a venture named Snapboost, which is suspected of committing fraud by offering an illegal investment scheme.

The Secretary of Satgas PASTI, Hudiyanto, in a statement in Jakarta on Tuesday, explained that Snapboost claimed to be a social media monetisation platform using a C2E (Click to Earn) system, whereby participants would earn income through liking and sharing content on various social media platforms.

The illegal activity is suspected of offering an investment scheme by asking the public to make deposits in order to carry out various tasks, such as liking content on Instagram, Facebook, YouTube and TikTok.

In addition, Snapboost promised daily income, bonuses based on membership tiers, commissions for recruiting new members (member get member), as well as prizes in the form of motorbikes and cars for members who deposited funds in certain amounts.

Based on the results of coordination, Satgas PASTI explained that Snapboost was found to have no legal entity or business licence in Indonesia, and the application or website used was not registered as an Electronic System Operator (PSE) with the Ministry of Communication and Digital Affairs of the Republic of Indonesia.

Satgas PASTI also found indications that the perpetrators periodically changed link addresses (URLs) using different names, while maintaining the same appearance, features and operational mechanisms, suggesting the sites were interrelated.

In follow-up to these findings, which have the potential to harm the public, Satgas PASTI has halted the activities concerned and immediately blocked access to the related applications and links (URLs).

Satgas PASTI stated that it is coordinating with law enforcement authorities for further enforcement action in accordance with applicable regulations.

Members of the public who have suffered losses from the activity are urged to report to local law enforcement authorities to expedite the handling process.

Satgas PASTI once again reminded the public to always be cautious of investment offers and financial activities promising high returns in a short time or illogically, including those requiring upfront deposits and operating through sites or applications that frequently change link addresses while retaining the same appearance, features and operational mechanisms.