PASTI Task Force Halts CANTVR and YUDIA Operations Over Suspected Fraud
The PASTI Task Force has halted the activities of CANTVR and YUDIA, suspecting both entities of running different fraudulent schemes that promised lucrative returns to attract public funds.
CANTVR is suspected of impersonation, allegedly using the identity of Cantor Fitzgerald, a licensed financial services firm in the United States and Singapore, to gain the trust of potential victims. The task force’s investigation also found that CANTVR is likely linked to a platform called Monexplora (MEX), from which investment offers were distributed to CANTVR users. Clarification results showed that CANTVR’s activities did not match the business licence issued by the Ministry of Investment and Downstreaming/BKPM. Furthermore, its application and website were not registered as Electronic System Providers (PSE) with the Ministry of Communication and Digital. Monexplora (MEX) was also found to have no legal entity in Indonesia and its digital platform was unregistered. The task force suspects CANTVR offered share investments through an application requiring participants to deposit funds, promising increasing profits based on membership tiers. Participants were also allegedly offered fictitious initial public offering (IPO) share allocations, requiring further deposits for shares with no clear transactional basis.
Meanwhile, YUDIA is suspected of offering investments disguised as part-time work. Participants were required to deposit funds before completing daily tasks, such as watching Chinese dramas or buying the copyrights to Chinese drama films, in exchange for promised daily income and additional bonuses. The platform also employed a member-get-member recruitment system, offering incentives for bringing in new participants. Examinations revealed that YUDIA operated without completing the necessary licensing from the Ministry of Investment and Downstreaming/BKPM, and its application and website were not registered as Electronic System Providers.
Following these findings, the PASTI Task Force has ordered the cessation of all activities by both entities and will coordinate with relevant ministries and agencies to block their applications and websites. The task force is also working with law enforcement to follow up on the suspected violations. Members of the public who believe they are victims are urged to report to the police immediately to expedite the investigation process. The PASTI Task Force reminded the public not to be easily tempted by investment offers promising high returns in a short time, especially those using the names of foreign companies without clear legality in Indonesia.