Investment fraud: Satgas PASTI halts CANTVR and YUDIA operations — how their schemes worked

The Illegal Financial Activities Eradication Task Force (Satgas PASTI) has halted business activities suspected of fraud through impersonation or misuse of licensed foreign company names, namely CANTVR. In addition, Satgas PASTI has halted YUDIA’s business activities, suspected of fraud by offering part-time work and purchasing rights to Chinese drama film copyrights to generate daily income and additional bonuses. The Secretariat of Satgas PASTI, Hudiyanto, said that CANTVR and Monexplora (MEX) are believed to be related entities because investment offers via the CANTVR platform were obtained from MEX. CANTVR impersonates Cantor Fitzgerald, a licensed company in the United States and Singapore. Meanwhile, MEX has no legal entity in Indonesia, and the apps/website used are not recorded as Electronic System Providers (PSE) at the Ministry of Communications and Digital RI. CANTVR is implicated in a stock investment fraud scheme via an app, with a method of depositing funds for stock investment activities with promises of several benefits and higher returns based on membership level. In addition, CANTVR provides random allocations of fictitious IPO shares to its members. The random allocation requires members to pay for those fictitious IPO shares. Furthermore, YUDIA is accused of an investment fraud scheme involving deposits, daily tasks of watching Chinese drama films, purchase of rights to Chinese drama films, and recruitment of new members (member-get-member) to obtain daily income and additional bonuses. Based on clarification and verification, YUDIA was found to conduct business activities without filing further licensing with the Ministry of Investment and Hilirisasi RI/BKPM, and the apps/website used are not recorded as Electronic System Providers (PSE) at the Ministry of Communications and Digital RI. Satgas PASTI will also coordinate with law enforcement authorities for further action. Members of the public who feel they have been harmed are urged to report to local law enforcement to accelerate handling. Satgas PASTI reiterates the warning for the public to remain vigilant against investment offers or financial activities that promise high yet illogical returns, especially those that use the name of licensed foreign companies without clear legality in Indonesia.