Jakarta, ThedailyID — East Java Police have uncovered an international crypto and stock trading scam. Investigators arrested three Indonesian suspects and seized Rp81.5 billion linked to the alleged scheme.
Police said the network handled transactions worth more than Rp3.1 trillion. The operation allegedly involved people in Indonesia, Malaysia, and Vietnam.
East Java Police Chief Inspector General Nanang Avianto said the investigation began after seven police reports arrived between January and April 2026.
The victims reported combined losses of Rp12.93 billion. However, police expect the number of victims and total losses to increase as the investigation continues.
According to police, the suspects attracted victims through social media advertisements. The ads promised investment returns of 30% to 200% while presenting the investments as having little or no risk.
Victims who showed interest then entered private chat groups. There, people posing as professional traders provided trading lessons every night.
The scheme later directed victims to illegal trading websites and applications, including YWWSDC, INVESCOS, and CANTVR. Victims were then encouraged to deposit money into the platforms.
At first, the applications displayed large profits. However, when victims tried to withdraw their money, the system rejected the requests.
The suspects allegedly told victims that they had violated certain rules. They then demanded additional payments as penalties and threatened to report victims to law enforcement if they refused.
Police said the network had an international structure. People allegedly operating from Malaysia and Vietnam worked with Indonesian members who created fake companies and opened corporate bank accounts to receive the funds.
Investigators arrested three suspects who allegedly handled different parts of the operation.
The first suspect, identified as FM, was arrested in Jakarta on June 20, 2026. Police said FM helped establish companies and bank accounts used to receive the alleged proceeds.
The second suspect, KPP, was arrested in Palangka Raya in July. Investigators said KPP instructed FM to obtain identities for company registrations and bank accounts in Jakarta, Palangka Raya, and Samarinda.
Police said KPP received Rp60 million for each company established through the scheme. KPP also allegedly sent more than 10 mobile phones containing internet banking and crypto exchange accounts to Kuala Lumpur.
The third suspect, WH, was arrested in Jakarta. Police identified WH as an alleged operational and financial coordinator who created nominee company and crypto accounts.
Investigators said WH sent more than 25 phones containing over 150 banking and crypto exchange accounts directly to Vietnam.
Police seized three laptops, six mobile phones, 34 company documents, 12 bank books, two passports, seven ATM cards, and one KeyBCA token.
Investigators also blocked and seized Rp81.53 billion from 77 bank accounts allegedly connected to the operation.
In addition, an analysis by Indonesia’s Financial Transaction Reports and Analysis Center (PPATK) found transactions worth Rp3.19 trillion involving six accounts belonging to PT Zeryonic Mitra Cerdas, which police suspect served as a fund collection account.
The transactions reportedly occurred between December 5, 2025, and May 20, 2026, according to the police statement cited in the report.
Police are now working with PPATK to trace the money and assets allegedly linked to the case. They are also coordinating with the National Police’s International Relations Division to pursue other suspects believed to be overseas.
The three suspects face multiple charges under Indonesia’s Electronic Information and Transactions Law and money laundering legislation. The charges carry a maximum sentence of 15 years in prison and a fine of up to Rp5 billion.
One victim, Surabaya resident Thomas Susanto, said he lost Rp303 million. The retiree said he initially wanted to invest his savings to maintain an income after retirement.
Thomas said he spent one to two months observing the investment group before depositing any money. He wanted to assess the group’s trading analysis first.
However, after joining, the application showed his balance rising sharply. Thomas said he initially deposited Rp100 million, while the application later displayed profits reaching around Rp400 million.
The displayed profits ultimately could not be withdrawn. Thomas said the experience left him feeling that he had been manipulated by the scheme.
Police have urged the public to remain cautious about investment offers promising unusually high returns. They also advised potential investors to verify companies and applications through the Financial Services Authority (OJK) or law enforcement agencies before transferring money.
