Jakarta. The Financial Services Authority (OJK) unveiled that the losses stemming from illegal investments or fraudulent schemes have amounted to Rp 139.67 trillion ($8.84 billion) between 2017 and 2023.

The Task Force for the Eradication of Illegal Financial Activities (Satgas Pasti) at OJK stated that their team consistently receives reports from individuals ensnared in fraudulent investments on a daily basis, which are promptly followed up on.

"The cumulative losses incurred by the public due to illegal investments from 2017 to 2023 have reached Rp 139.67 trillion," Hudiyanto, OJK's spokesperson, said on Tuesday.

He further disclosed that OJK, in collaboration with 15 other agencies including the police, remains committed to pursuing and prosecuting perpetrators, resulting in the blockade of 1,218 fraudulent investment entities as of early 2024.

"We engage in daily efforts of blocking, pursuing, and apprehending. This task force comprises 16 agencies, including the Attorney General's Office and the police, alongside the Financial Transaction Reports and Analysis Center (PPATK)," Hudiyanto elaborated.

Highlighting the lack of financial management knowledge among many Indonesians, Hudiyanto underscored their susceptibility to exploitation by fraudulent investment operators seeking personal gain.

Additionally, he emphasized that fraudulent investment operators often employ sophisticated systems that are difficult to trace, necessitating heightened efforts from law enforcement officials to unveil these perpetrators.

"For instance, within five minutes of transferring your money, it vanishes. On average, they possess five to six bank accounts to facilitate their escape. This is typical of criminals—they have systems, they have bank accounts, they have it all," Hudiyanto concluded.