OJK Halts Stock Scam by Universal Peak and Illegal Lending Services by BAFI Group
Jakarta - The Task Force for the Eradication of Illegal Financial Activities (Satgas PASTI) has halted two online scams: Universal Peak, which allegedly conducted fraud through a stock investment scheme, and BAFI Group Indonesia, which offered services to resolve online loan and credit card issues without authorisation from the relevant authorities.
Universal Peak claimed to be part of Universal Peak Investment Inc., a licensed entity in Colorado. It allegedly perpetrated fraud through an investment scheme requiring a deposit to invest in stocks and Initial Public Offering (IPO) shares to gain profits. Universal Peak is suspected of providing fictitious IPO share allocations randomly to its members. Based on clarification and verification, it was found that Universal Peak does not hold a licence from the Financial Services Authority (OJK). Furthermore, the illegal entity conducted business activities inconsistent with the licence issued by the Ministry of Investment and Downstreaming/Indonesia Investment Coordinating Board (BKPM), and its application/website was not registered as an Electronic System Operator (PSE) with the Ministry of Communication and Digital.
Meanwhile, BAFI Group Indonesia was identified as a scam operating under the guise of offering consultation services for online loan problems. One of its schemes involved applying for new loans on other platforms using the victim’s personal data. Victims were directed to default on payments first. Subsequently, BAFI Group Indonesia promised to manage and settle the debts on all online loans and requested a service fee from a portion of the disbursed loan funds. In its publications, BAFI Group Indonesia claimed to be licensed and registered with the OJK. However, clarification and verification revealed that BAFI Group Indonesia does not hold a licence from the OJK or other relevant regulators and conducted business activities inconsistent with the licence issued by the Ministry of Investment and Downstreaming/BKPM.
In connection with these findings, Satgas PASTI has halted the activities of Universal Peak and BAFI Group Indonesia and blocked access to their related applications and/or links. Satgas PASTI will also coordinate with law enforcement officials for further legal action. Members of the public who have suffered losses are urged to immediately report to local law enforcement to expedite the handling process.
Satgas PASTI once again reminded the public to always be wary of various investment offers that promise unreasonably high returns, especially those claiming to represent foreign companies. The public is also asked to be cautious of online loan settlement services that direct consumers to take out new loans or intentionally default. Furthermore, the public is urged not to easily trust the inclusion of logos or claims of licensing from the OJK or other agencies without verifying first. If they find indications of similar offers, illegal investments, or illegal online loans, the public can report them through the SIPASTI website at sipasti.ojk.go.id or via OJK Contact 157, WhatsApp at 081157157157, and email at [email protected]. Meanwhile, victims of financial transaction fraud can report it through the Indonesia Anti-Scam Centre (IASC) at iasc.ojk.go.id to support efforts to quickly block the perpetrator’s accounts and increase the chances of recovering the victim’s funds.