OJK Cracks Down on 2,248 Illegal Online Loans and 40 Illicit Investments in 2023
Jakarta. The Financial Services Authority (OJK) has successfully shut down operations of 2,248 illegal online loans (pinjol) and 40 illegal investments in 2023.
Friderica Widyasari Dewi, Executive Head of Supervision of Financial Business Players' Behavior, Education, and Consumer Protection at OJK, revealed that the agency received 9,380 complaints. Out of these, 8,991 complaints were related to illegal online loans, while 388 were linked to illegal investments. Illegal investments include unlicensed robot trading, crypto exchange, and forex trading.
"OJK, together with all members of the Pasti Task Force (Illegal Financial Activity Eradication Task Force), continues to address cases of illegal investments and online loans," Friderica said in Jakarta, on Tuesday.
From 2017 to 2023, a total of 8,149 illegal financial entities were stopped by the Pasti Task Force, including 1,218 illegal investments, 6,680 illegal online loans, and 251 illegal pawn activities.
Friderica warned the public to exercise caution when responding to online loan service offers. One of the signs of illegal online loans is the solicitation of services through short messages, including SMS and instant messaging applications like WhatsApp.
Dian Ediana Rae, Executive Head of Banking Supervision at OJK, said that they have collaborated continuously with banks to eliminate illegal activities, aiming to minimize the room for maneuvering by wrongdoers in the banking system.
The crackdown on illegal activities in banking aligns with the law on the Development and Strengthening of the Financial Sector (UU P2SK) as a commitment to combat fraudulent practices in the financial system.
as a preferred
Related Articles
OJK Fines 11 Brokerage Firms in Rp 2.1 Trillion Stock Market Crackdown
OJK fines 11 brokerages over violations involving DSSA, BREN and CUAN shares, as total penalties reach Rp 2.1 trillion.
'We've Done Everything We Can': OJK Chief as Indonesian Stocks Fall Below 5,000
The OJK launched a broad market reform program in March aimed at bringing Indonesia's capital markets closer to international standards.
Indonesia Could Join Zimbabwe, Palestine in MSCI Standalone Market Downgrade
Indonesia risks joining Zimbabwe and Palestine in MSCI’s Standalone Market category, threatening foreign fund flows.
OJK Says Indonesian Market Still Attractive After MSCI Threat
OJK says the domestic market will remain "attractive" following MSCI's threat to downgrade Indonesia to a "standalone" status.
Indonesia Braces for MSCI Review in November
MSCI has given Indonesia time until November, warning that it could downgrade Jakarta’s status to frontier markets.
Danantara to Follow OJK Rules on IDX Ownership
Danantara says that it is still deliberating on the decision, but will follow OJK rules if it decides to acquire IDX stake.
OJK: Stocks Once Stuck at Rp 50 Are Finding New Market Prices
OJK says stocks once stuck at Rp 50 are finding new equilibrium prices and liquidity after Indonesia lowered the trading floor to Rp 1.
OJK Prepares Rules Allowing Pension Funds to Invest Overseas
OJK is preparing rules allowing Indonesia’s pension funds to invest overseas if domestic options offer limited opportunities or returns.
Only 7 Companies Remain in Indonesia’s 2026 IPO Pipeline
Global volatility and geopolitical uncertainty weigh on Indonesia’s IPO pipeline, with just seven companies in the queue in 2026.
Indonesia Finalizes Rules for Stock Exchange Demutualization
OJK expects to issue IDX demutualization rules this month, paving the way for broader ownership of Indonesia’s stock exchange.The Latest
Ye Concert, Other Events to Draw 130,000 to GBK, Here’s What to Know
Around 130,000 visitors are expected at Jakarta’s GBK on Saturday as Ye’s concert and several major events take place.
Indonesia Allocates Rp 722 Billion for Year-End Flight Ticket Tax Relief
Indonesia allocates Rp 722 billion to cover domestic flight ticket VAT during the 2026/2027 Christmas and New Year holidays.
Greece Floats Shipbuilding Partnership with Indonesia
Greece says that it possesses “extensive expertise” as it woos Indonesia in shipbuilding partnership.
Indonesian Stocks Rally 4.9%, but Foreign Investors Keep Selling
Indonesia’s JCI rose 4.9% last week, but foreign selling and MSCI downgrade risks continue to cloud the market outlook.
Ye Concert in Jakarta to Deploy 2,000 Security Personnel
More than 2,000 personnel will secure Ye’s Jakarta concert on Saturday, as organizers urge fans to use public transport.Most Popular
