Timeline of Indosurya USD 7 bil. Fraud Case, The Biggest Scam in Indonesia

Aulia Hafisa
Money illustration (EmAi/Pixabay)
Money illustration (EmAi/Pixabay) - Indonesia's fraud case of Indosurya Savings and Loans Coop was described as the biggest financial fraud in Indonesia's history, involving Rp 106 trillion (USD 7 billion) total loss from 23,000 customers. The controversy rolled after the chairman, Henry Surya, was set free by the court after not provenly violating criminal law, but civil law. 

The acquittal of the chairman set the victims mad. Following this judgment, attorney general Sanitiar Burhanuddin vowed to appeal to the Supreme Court against the recent acquittal.

The Indosurya case has been in the public's attention for the past few years. It all started in mid-2020.

On February 24, several customers received a letter from the coup that their savings couldn't be disbursed. The money can only be taken 6 months to 4 years depending on the nominal asset under management (AUM).

Fraud Illustration (Tima Miroshnichenko/Pexels)
Fraud Illustration (Tima Miroshnichenko/Pexels)

After that, on March 12, 2020, the customer received an invitation to meet with the ISP. At the meeting, each customer was asked to choose the payment option depending on the AUM of each customer with payment terms ranging from 3 years to 10 years.

The case then died down for a moment. In June 2021, the case was popping up again to the public. 

The House of Representatives even summoned the Ministry of Cooperatives regarding this issue. It was revealed that Indosurya had failed to communicate until it entered the Postponement of Debt Payment Obligations (PKPU) process.

The first verdict fell on July 17, 2020. 

The Indosurya case resulted in the detention of three suspects. The three of them are the Head of Indosurya Cipta, Henry Surya, and the Head of Indosurya Admin, June Indri.

However, the three suspects were released from detention in the middle of 2022 because their 120 days of detention has expired.

Even so, Henry and June are still suspects. The case that ensnares them also continues.

The Coordinating Minister for Political, Legal, and Security Affairs, Mahfud MD, said something about the release of two suspects of Indosurya.

He has communicated with the Police Headquarters, the Attorney General's Office,  andPPATK that this case is a new mode of crime that has never been and will not be stopped.

He stated that the Attorney General's Office was collecting more evidence, so justice would be on the victim's side. 

Mahfud continued, he supported the police in re-arresting two suspects who had been released from detention centers with different locus and offenses. He said the case must go on.

In the trial, it was revealed that the value of embezzlement of customer funds reached Rp 106 trillion (USD 7 billion). 

Junior Attorney General for General Crimes (JAM-Pidum) of the Attorney General's Office, Fadil Zumhana, said the value was based on the results of an analysis report (HLA) conducted by the Financial Transaction Reports & Analysis Center (PPATK). 

Given a large amount of embezzled money, he asked that the Indosurya case should become a national concern.

Tag # indosurya # indosurya cooperative # fraud # indonesia fraud # fraud case # scam case # the biggest financial fraud

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