PASTI Task Force Halts Illegal Operations of Universal Peak and BAFI Group

The Task Force for the Eradication of Illegal Financial Activities (Satgas PASTI) has ceased the business activities of Universal Peak, which is suspected of fraud through a stock investment scheme, and BAFI Group Indonesia, which offered services to resolve online loan and credit card issues without a licence. Satgas PASTI has also blocked access to related applications and/or links, in addition to halting their operations. “Satgas PASTI will also coordinate with law enforcement for further action,” said Satgas PASTI Secretariat Head Hudiyanto in an official statement in Jakarta on Wednesday. Satgas PASTI urged members of the public who feel aggrieved to immediately report to local law enforcement to expedite the handling process. Universal Peak claimed to be part of Universal Peak Investment Inc., an entity licensed in Colorado. Satgas PASTI stated that Universal Peak is suspected of committing fraud through an investment scheme involving deposit payments for stock investments and Initial Public Offering shares to gain profits. Universal Peak is alleged to have randomly allocated fictitious IPO shares to its members. Based on clarification and verification, Satgas PASTI confirmed that Universal Peak does not hold a licence from the Financial Services Authority (OJK). Furthermore, Universal Peak conducted business activities inconsistent with the licence issued by the Ministry of Investment and Downstreaming/BKPM. The application or website used is also not registered as an Electronic System Operator (PSE) with the Ministry of Communication and Digital Affairs. Meanwhile, BAFI Group Indonesia offered consultation services for online loan issues. One of the schemes offered involved applying for new loans on other platforms using the victim’s personal data, but the victim was directed to default 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, based on clarification and verification, BAFI Group Indonesia does not hold a licence from the OJK or other relevant regulators. BAFI Group Indonesia also conducted business activities inconsistent with the permits issued by the Ministry of Investment and Downstreaming/BKPM. Satgas PASTI once again reminded the public to always be cautious of investment offers promising unreasonably high returns, especially those claiming to represent foreign companies. The public is also urged to be wary of online loan settlement services that direct consumers to take out new loans or deliberately default. Furthermore, the public is advised not to easily trust the display of logos or claims of being licensed by the OJK or other agencies without verifying first. If the public finds indications of similar offers, illegal investments, or illegal online loans, they can report them through the SIPASTI website at sipasti.ojk.go.id or via OJK Contact 157, WhatsApp at 081157157157, and email at konsumen@ojk.go.id. Meanwhile, victims of financial transaction fraud can report through the Indonesia Anti-Scam Centre (IASC) at iasc.ojk.go.id to support the rapid blocking of perpetrators’ accounts and increase the chances of recovering victims’ funds.