Indonesia’s Financial Services Authority (OJK) has completed its criminal investigation into troubled peer-to-peer (P2P) lending firm Crowde and its former chief executive officer YS [Yohanes Sugihtonugroho], and handed over the case file to prosecutors, according to a statement on Wednesday.
The case relates to alleged criminal offences committed by Crowde in the financing and banking sectors between January 2023 and September 2024. OJK said the investigation found indications that the lender had submitted false, fabricated, or misleading reports, data, and documents to the regulator, and had created or caused false bookkeeping entries in business activity reports, transaction records, and bank accounts.
According to OJK, Crowde allegedly recorded fictitious loan disbursements to 62 non-existent borrower partners, which were reported to the regulator’s Fintech Lending Data Centre as legitimately channelled funds. The total value of the reported disbursements amounted to around 12 billion rupiah (approximately $770,000).
The regulator said it pursued the case through a staged enforcement process, beginning with supervision and a special audit, followed by a formal investigation and criminal probe. Suspect status was assigned to both the company and YS.
OJK has charged the suspects under multiple provisions of Indonesia’s Financial Sector Development and Strengthening Law (P2SK Law), as well as banking crime statutes, which carry a maximum penalty of up to 15 years’ imprisonment and fines of as much as 200 billion rupiah.
YS and Crowde had earlier filed a pretrial motion at the Central Jakarta District Court challenging the suspect designation. However, the court rejected the application in its entirety on January 26, ruling that OJK’s investigation and suspect determination were lawful.
OJK said it continues to coordinate with the national police and the Attorney General’s Office in handling financial sector crimes, adding that enforcement efforts are aimed at safeguarding the integrity of Indonesia’s financial system and protecting the public.
Prior to the move, OJK had revoked Crowde’s operation licence since November 6, 2025 while instructing it to hold a shareholder meeting to formally dissolve the legal entity and establish a liquidation team that will be responsible for executing all remaining obligations.
