Two Companies Ordered to Cease Operations for Allegedly Offering Illegal Financial Services

Jakarta - The Task Force for the Eradication of Illegal Financial Activities (Satgas PASTI) has halted the business activities of Universal Peak and BAFI Group Indonesia, which are suspected of conducting financial activities without authorisation from the relevant authorities. This firm action was taken as part of efforts to protect the public from various illegal financial practices, ranging from fraudulent investments and stock investment scams to illegal online loan settlement services that have the potential to harm consumers. Based on the results of clarification and verification, Satgas PASTI found a number of violations in the operations of both entities. These findings further strengthen indications that the activities carried out did not comply with applicable licensing provisions. Hudiyanto, from the Satgas PASTI Secretariat, explained that Universal Peak claimed to be part of Universal Peak Investment Inc., an entity purportedly licensed in Colorado, United States. However, behind this claim, the company is suspected of running fraudulent practices disguised as stock investments, including offering Initial Public Offering (IPO) shares. “Universal Peak is suspected of offering an investment scheme that requires members to deposit funds in order to obtain profits from stock investments and IPO shares,” Hudiyanto stated in a written statement. Furthermore, the company allegedly allocated IPO share purchases randomly to its members without a clear transactional basis. Satgas PASTI’s verification also confirmed that Universal Peak does not hold a licence from the Financial Services Authority (OJK). Additionally, the business activities carried out do not match the licensing issued by the Ministry of Investment and Downstreaming/Investment Coordinating Board (BKPM). The applications and websites used by both entities are also not registered as Electronic System Providers (PSE) with the Ministry of Communication and Digital Affairs. Meanwhile, BAFI Group Indonesia was found to be offering consultancy services for resolving online loan problems. One scheme offered to consumers involved applying for new loans on other platforms using the victim’s personal data. Victims were even directed to deliberately default on payments first. Afterwards, BAFI Group Indonesia promised to help settle all online loan debts in exchange for a service fee taken from a portion of the loan funds successfully disbursed. Hudiyanto revealed that in its various publications, BAFI Group Indonesia also claimed to be registered and licensed by the OJK. However, the results of Satgas PASTI’s examination showed the opposite. He added that the business activities carried out also did not comply with the licensing issued by the BKPM. Based on these findings, Satgas PASTI officially ordered the cessation of all business activities of Universal Peak and BAFI Group Indonesia. Access to the applications and links used by both entities has also been blocked to prevent wider potential losses in the community. Further steps will be taken in collaboration with law enforcement officials for subsequent legal proceedings against the two entities. Satgas PASTI also urged members of the public who feel they have been victimised to report immediately to law enforcement so that the handling process can be expedited. Hudoyo reminded the public to be more cautious of various investment offers that promise unreasonably high returns, especially those claiming to represent foreign companies. The public is also asked to be more vigilant against offers of online loan settlement services that direct consumers to apply for new loans or deliberately default. In addition, the public is advised not to easily trust the use of logos or claims of licensing from the OJK or other institutions without first verifying through official channels. If members of the public find indications of illegal investments, illegal online loans, or suspicious financial service offers, they can immediately report them through SIPASTI, OJK Contact 157, WhatsApp service 081157157157, or email konsumen@ojk.go.id. Meanwhile, for victims of financial transaction fraud, reports can also be made through the Indonesia Anti-Scam Centre (IASC). This step is expected to accelerate the blocking of perpetrators’ accounts and increase the chances of recovering victims’ funds.