Jakarta. The Financial Services Authority (OJK) is maintaining close oversight over three peer-to-peer (P2P) lending fintech companies currently encountering fraud allegations. These entities are Investree, TaniFund, and iGrow.

Agusman, the Executive Head of Supervision of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions (PVML) at OJK, stated, "The Investree case is presently under investigation by OJK's Financial Services Investigation Department for further examination."

He underscored OJK's ongoing scrutiny of the developments and remedial actions taken by Investree, particularly concerning the management of non-performing loans and allegations of fraud. Moreover, OJK ensures compliance with regulatory requirements, including equity fulfillment, through engagements with shareholder representatives and direct inspections of Investree.

"Following discussions with Investree, it is evident that shareholders are steadfast in preserving the company's operational continuity, seeking additional capital, enhancing business efficiency, and contributing to resolving non-performing loans through collection endeavors," Agusman explained.

In an official statement released on Feb. 28, Investree acknowledged the existing business challenges it faces, primarily concerning difficulties in loan repayments by several borrowers, leading to delays in disbursing funds to lenders.

Kok Chuan Lim, Co-Founder and Director of Investree Singapore Pte. Ltd., said they received a commitment letter from JTA Holdings Qatar for Investree Singapore Pte Ltd (Investree Group) on February 21.

Lim also said they're preparing paperwork to receive the funds and working to rescue Investree Indonesia's operations swiftly for everyone's benefit. He emphasized that making sure all stakeholders get what they're owed is Investree's main focus.

As for TaniFund, OJK has already referred the case to the Criminal Investigation Department of the National Police, with further legal proceedings to be overseen by law enforcement authorities.

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.

In regards to iGrow, OJK is actively pursuing follow-up measures to address internal issues, particularly concerning the management of non-performing financing for lenders. 

Additionally, OJK requires iGrow to provide regular updates on progress in managing non-performing financing. The authority is also investigating reports of legal actions initiated by funders against iGrow and has requested iGrow to report on subsequent actions regarding these claims.

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

"OJK remains committed to exploring follow-up measures to address issues within TaniFund and iGrow, particularly concerning the management of non-performing financing for lenders. OJK obligates TaniFund and iGrow to resolve issues involving lenders and/or borrowers under POJK 10/2022 regulations," concluded Agusman.