Jakarta. The Financial Services Authority (OJK) has declared former Investree Radika Jaya CEO Adrian Asharyanto, also known as Adrian Gunadi, a suspect in an alleged financial crime and placed him on the wanted list.

OJK Executive Supervisor Agusman said on Tuesday that Adrian is suspected of illegally raising funds without proper permits, causing losses to users of the peer-to-peer lending platform. The former head of the Indonesian Fintech Funding Association (AFPI) is believed to have fled overseas and remains at large.

OJK revoked Investree’s business license on Oct. 21, 2024, due to deteriorating performance and failure to meet regulatory requirements. Shareholders had been urged to inject capital, secure credible investors, and improve operations. However, these measures were not met, resulting in sanctions and liquidation.

Borrowers are still required to fulfill repayment obligations to lenders through a liquidation team appointed by Investree shareholders and approved by OJK.

Fraud at KoinP2P Causes $23 Million Loss

In another case involving a peer-to-peer lending company, Lunaria Annua Teknologi, a subsidiary of KoinWorks operating as KoinP2P, reported a Rp 365 billion ($23 million) fraud following its partnership with MTH Global Investama in 2021.

Jakarta Metro Police spokesperson Ade Ary Syam Indradi said the partnership collapsed after MTH Global was discovered to have submitted falsified borrower data. The fraud came to light during repayment collection efforts, resulting in significant financial losses.

Agusman said OJK had enforced strict supervision measures on Lunaria Annua Teknologi in response to reports of delayed payments (standstill) to some lenders. These measures include close monitoring of progress, ensuring the fulfillment of commitments by KoinP2P management and its controlling shareholders, and overseeing corrective actions being implemented.