The OJK’s Investment Alert Task Force also shut down PT Mahesa Strategis Indonesia and PT Amarta Investa Indonesia, which are alleged to have provided investment management services and financial advice without proper licenses. It has also blocked all three companies’ websites, applications and social media accounts through the Communications and Information Ministry.

The decision was made after the task force summoned and questioned Jouska CEO and founder Aakar Abyasa Fidzuno following complaints on social media from its clients.

“We’ve asked PT Jouska to settle the disputes with its clients transparently and invite the customers to settle the issues,” the task force said in a press statement. “We ask Jouska to process its licenses in line with its business activity as soon as possible.”

The task force revealed that Jouska received a license as an education-services company through the Online Single Submission (OSS). It further said in the statement that Aakar had accepted the decisions.

The case was uncovered when several clients and former clients of Jouska, which claims to be an independent financial advisory company and which gained its popularity among young investors via social media, took to Twitter, saying Jouska’s decision to invest their funds in low quality stocks had resulted in a slump in their portfolio values by more than 70 percent.

A former client also uploaded an offering letter and a contract he received from the company when using its services in 2018 and 2019.

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