TheJakartaPost

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post

Financial fraud prosecuted only if victims make report to police

  • Rachmadea Aisyah

    The Jakarta Post

Jakarta   /   Fri, April 20, 2018   /   06:00 pm
Financial fraud prosecuted only if victims make report to police OJK’s Investment Alert Task Force head Tongam L. Tobing (JP/Rachmadea Aisyah)

A task force led by the Financial Services Authority (OJK) has urged people to report fraud cases involving bogus financial companies to the police because the authority cannot prosecute the perpetrators without a report from the victims.

Despite efforts made by the OJK and other relevant institutions to tackle bogus financial companies, many people still fall into their trap because of a lack of financial literacy and also the temptation of high returns offered by fraudulent operators, OJK’s Investment Alert Task Force head Tongam L. Tobing said in Jakarta on Friday.

The task force found 72 suspicious financial entities between March and April, some of which were companies that had already been banned, but became active again or the actors behind the banned firms established new entities to lure customers.  

“Every time we compile a report [on fraudulent companies], we always submit it to the National Police's Criminal Investigation Department [Bareskrim] for further investigation,” Tongam said at a press briefing on Friday.

“Unfortunately, it requires a report from the victims to bring the perpetrators to court as these cases are categorized as material offenses.”

He said many financial fraud cases went unreported for several reasons, such as because the victims did not want to report the cases to the police because they considered their losses were too small to be taken seriously or because they had been intimidated into not reporting their cases. (bbn)