Investment fraud modus operandi: Satgas PASTI halts CANTVR and YUDIA activities

Jakarta — The Task Force for the Eradication of Illegal Financial Activities (Satgas PASTI) has halted two business operations suspected of investment-fraud schemes, namely CANTVR and YUDIA, as a consumer and public protection measure. “Members of the public who feel aggrieved are urged to report promptly to local law enforcement agencies to speed up handling,” said Satgas PASTI Secretary-General Hudiyanto in a statement in Jakarta on Thursday. CANTVR is suspected of fraud by impersonation or the misuse of the name of licensed foreign companies. Meanwhile, YUDIA is suspected of fraud through a scheme offering part-time jobs and purchasing rights to Chinese drama film copyrights, to generate daily income and additional bonuses. Satgas PASTI explained that CANTVR and Monexplora (MEX) are believed to be interconnected entities because investment offers via the CANTVR platform are obtained from MEX. CANTVR is alleged to have impersonated Cantor Fitzgerald, a licensed company in the United States and Singapore. Based on clarification and verification, CANTVR is found to be carrying on business activities not in line with the licence issued by the Ministry of Investment and Hilirisasi/BKPM, and the applications/websites used are not recorded as Electronic System Providers (PSE) by the Ministry of Communications and Digital (Komdigi). Meanwhile, MEX has no legal entity in Indonesia, and the apps/websites used are not recorded as PSE with Komdigi. CANTVR is suspected of operating a stock investment fraud scheme via an app, requiring deposits for stock investment activities with promises of various benefits and higher gains based on membership level. In addition, CANTVR allocates fictitious IPO shares to members at random; the random allocation requires members to pay for the fictitious IPO shares. Meanwhile, YUDIA is suspected of investment-fraud through a deposit funding scheme, daily tasks of watching Chinese drama films, purchasing rights to Chinese drama film copyrights, and recruiting new members (member get member) to obtain daily income and additional bonuses. Based on clarification and verification, YUDIA is found to be conducting business without the requisite further licences from the Ministry of Investment and Hilirisasi/BKPM, and the apps/websites used are not recorded as Electronic System Providers (PSE) at Komdigi. In relation to these findings, Satgas PASTI halted the activities of CANTVR and YUDIA and will block access to related apps and/or links (URLs). Satgas PASTI will also coordinate with law enforcement authorities for further enforcement actions. Satgas PASTI urges the public to remain vigilant against investment offers or financial activities promising high and illogical returns, especially those that use the name of licensed foreign companies without clear legality in Indonesia. If any indications of illegal online investment or lending offers are found, the public can report them via the sipasti.ojk.go.id website or via OJK Contact 157, WhatsApp 081157157157, and email konsumen@ojk.go.id. Meanwhile, members of the public who have fallen victim to financial transaction fraud may report via the Indonesia Anti-Scam Centre (IASC) website at iasc.ojk.go.id to support rapid blocking of perpetrators’ accounts.