OJK and ALUDI Names Misused, Green Economy Investment Econext Ventures Shut Down

Indonesia’s Task Force for the Eradication of Illegal Financial Activities (Satgas PASTI) has taken decisive action by halting all business activities of PT Econext Ventures Indonesia (EVI). The company is suspected of committing fraud by offering illegal investments using a scheme resembling multi-level marketing (MLM). In its operations, PT EVI collected public funds under the guise of offering green economy technology investment products. To appear legitimate, the company equated its investment scheme with securities crowdfunding services and claimed that its licensing was being processed by the Financial Services Authority (OJK). However, following layered clarification and verification by the regulator, these claims were proven to be false. Satgas PASTI revealed several critical facts demonstrating that PT EVI’s activities were entirely illegal and unlicensed. The company did not possess an official licence from the OJK as a securities crowdfunding operator. Furthermore, its operational activities did not match the business licence issued by the Ministry of Investment and Downstream Industry/BKPM. The application and website used to attract investors were not registered as Electronic System Providers (PSE) with the Ministry of Communication and Digital Affairs. Additionally, the Indonesian Crowdfunding Services Association (ALUDI) has revoked PT EVI’s membership. As a follow-up, Satgas PASTI has completely halted PT EVI’s operations and blocked all application access and URLs used to offer these fraudulent investments. The task force stated it will coordinate with law enforcement for further criminal proceedings and urged aggrieved members of the public to report their cases to local authorities to expedite the handling process. The public is once again reminded to remain vigilant against investment offers promising illogically high returns, especially those claiming that OJK licensing is still in process.