Jakarta. The Financial Services Authority (OJK) is stepping up its investigation into potential fraud cases involving two peer-to-peer (P2P) lending fintech platforms, TaniFund and iGrow.

"OJK is currently conducting a comprehensive investigation into fraud indications at TaniFund. We are closely monitoring the subsequent actions taken by TaniFund, especially regarding the defaulting funds owed to its lenders, following regulations outlined in OJK Regulation No. 10/2022," stated Agusman, the Executive Head of Supervision of Financing Institutions, Venture Capital Companies, Cooperatives, and Other Non-Bank Financial Institutions at OJK, on Friday.

During this process, OJK is evaluating TaniFund's problem-solving and improvement measures. "If TaniFund fails to fulfill its commitment to resolution, OJK, in line with its authority, may impose further sanctions as stipulated by existing laws and regulations," emphasized Agusman.

OJK is also actively investigating potential fraud cases at iGrow, now rebranded as Modalin under the legal entity LinkAja Modalin Nusantara.

Beyond the fraud investigation, OJK is monitoring the progress of resolving defaulting funds for iGrow lenders. iGrow has presented a plan to OJK outlining actions to address problematic fund resolution. Efforts, including debt collection, monitoring, and legal actions against borrowers, are being maintained as part of the strategy to handle the outstanding funds.

"OJK has also requested a commitment from iGrow to periodically report transparently and with the latest data on the progress of handling defaulted funds to lenders," clarified Agusman.

TaniFund is currently entangled in payment issues with around 128 of its investors, with a total defaulted investment value of approximately Rp 14 billion ($897.691).

Since mid-November 2021 until now, TaniFund lenders have not received principal repayments but only returns on their investments.

iGrow Resources Indonesia, or iGrow, was sued in June by 40 lenders or investors for defaulting. These lenders claim losses amounting to Rp 503 billion.
 

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