Jakarta. The Financial Services Authority (OJK) has seized assets worth Rp 113.97 billion rupiah (about $6.3 million) as part of a criminal investigation into alleged financial crimes involving defunct life insurer Asuransi Jiwa Pro Life Indonesia, formerly known as Asuransi Jiwa Indosurya Sukses.

OJK Chair Friderica Widyasari Dewi said investigators have confiscated 485 pieces of evidence, including cash, property, and company shares, as authorities pursue allegations of regulatory violations and the misuse of policyholders' funds.

The seized assets include 11 land and building titles across North Sumatra, South Sulawesi, and West Java valued at about Rp 20.9 billion, Rp 21.65 billion in bank deposits held under third-party names, and corporate shareholdings worth an estimated Rp 72 billion.

According to OJK, the investigation covers alleged obstruction of the regulator's supervisory authority between 2020 and 2023, as well as the company's failure to comply with a 2023 order requiring it to pay Rp 566.24 billion in compensation to customers.

"The investigation has involved a series of measures, from gathering evidence to seizing assets with economic value," Friderica said at a press conference on Thursday.

The regulator said the asset seizures were carried out in cooperation with the Indonesian National Police (Polri), the Attorney General's Office, and the Ministry of Agrarian Affairs and Spatial Planning.

Daniel Bolly Hyronimus Tifaona, OJK's executive director for financial sector investigations, said tracing assets had been the biggest challenge in the case.

Investigators suspect former owner and controlling shareholder Henry Surya diverted around Rp 300 billion of the insurer's funds for personal use. Although he repeatedly denied the existence of the assets, investigators were eventually able to locate and secure several properties and financial assets as evidence, Daniel said.

The insurer previously failed to meet hundreds of billions of rupiah in policyholder obligations. OJK revoked the company's operating license in 2023, placing it into liquidation after finding indications of violations of insurance regulations and non-compliance with regulatory orders.