Jakarta. Lunaria Annua Teknologi, a subsidiary of peer-to-peer lending platform KoinWorks operating as KoinP2P, has fallen victim to a fraud case involving Rp 365 billion ($22.91 billion).

According to Jakarta Metro Police spokesperson Ade Ary Syam Indradi, the incident began when Lunaria Annua Teknologi partnered with MTH Global Investama in 2021 to provide loans to its users through the peer-to-peer lending system.

“Lunaria Annua Teknologi transferred Rp 365 billion in cash and bilateral loans. However, the ID card data provided by MTH Global Investama turned out to be fake,” Ade Ary explained on Wednesday.

The issue surfaced when Lunaria Annua Teknologi attempted to collect repayments from borrowers, only to discover the falsified information.

OJK Steps In to Investigate

In response to the fraud, the Financial Services Authority (OJK) summoned KoinP2P’s management to explain the payment standstill affecting some lenders. 

KoinP2P announced a proposed two-year standstill extension for lender payments, with interest rates revised to 5 percent annually, replacing previous projections.

“OJK has obtained a commitment from KoinP2P’s management to resolve the issue and is currently discussing fair and rational agreements with the affected lenders,” said OJK's Acting Head of the Department of Financial Literacy and Communication, M. Ismail Riyadi, on Thursday.

The authority also confirmed that KoinP2P’s controlling shareholders have committed to injecting additional capital to strengthen the company’s operations and maintain services for lenders and borrowers.

OJK has initiated an on-site investigation into KoinP2P, focusing on governance, operational policies, risk management, and compliance with regulations.

“Should there be any operational or governance weaknesses, or violations of the law, OJK will take necessary enforcement actions to ensure a healthy and ethical financial services sector in Indonesia,” Ismail added.

OJK will also maintain strict oversight of KoinP2P’s progress in fulfilling its commitments and implementing corrective measures to address the issues.

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