The Financial Services Authority (OJK) of Indonesia has declared Adrian Asharyanto Gunadi, the former CEO of peer-to-peer (P2P) lending platform Investree Radika Jaya, a suspect in an alleged financial crime. He has been placed on the wanted list, with authorities suspecting he has fled abroad.

OJK Executive Supervisor Agusman announced on December 13, 2024, that Gunadi is suspected of illegally raising funds without proper permits, leading to significant losses for users of the platform. The former head of the Indonesian Fintech Funding Association (AFPI) is believed to have fled overseas and remains at large.

In response to these developments, OJK revoked Investree’s business license on October 21, 2024, due to deteriorating performance and failure to meet regulatory requirements. Shareholders had been urged to inject capital, secure credible investors, and improve operations. However, these measures were not met, resulting in sanctions and liquidation.

Despite the company's closure, borrowers are still required to fulfill repayment obligations to lenders through a liquidation team appointed by Investree shareholders and approved by OJK.

In a separate incident, Lunaria Annua Teknologi, a subsidiary of KoinWorks operating as KoinP2P, reported a Rp 365 billion ($23 million) fraud following its partnership with MTH Global Investama in 2021. The partnership collapsed after MTH Global was discovered to have submitted falsified borrower data, leading to significant financial losses.

In response to reports of delayed payments to some lenders, OJK has enforced strict supervision measures on Lunaria Annua Teknologi. These measures include close monitoring of progress, ensuring the fulfillment of commitments by KoinP2P management and its controlling shareholders, and overseeing corrective actions being implemented.

These incidents underscore the critical need for robust regulatory oversight in Indonesia's fintech sector to protect consumers and maintain financial stability.