East Java Police uncover Rp12.9 billion crypto investment scam

The East Java Regional Police have uncovered a transnational investment scam involving fraudulent stock and cryptocurrency trading that has caused losses of approximately Rp12.9 billion. Three suspects—identified by the initials FR, KPP, and WH—have been named. The group allegedly used social media advertisements to lure victims into WhatsApp groups promising returns between 30 percent and 200 percent.

Victims were directed to use three fraudulent platforms: YWWSDC, INVESCOS, and CANTVR. After depositing funds into nominee company accounts, victims saw their balances appear to grow, but were prevented from withdrawing money. The perpetrators then demanded additional payments under the guise of fines for alleged violations.

Investigations indicate the network operated across several Indonesian regions, including Jakarta, Palangkaraya, and Sukabumi, with links extending to Malaysia and Vietnam. Police noted that one nominee company account recorded transactions totaling Rp3.19 trillion in a single day on December 5, 2025. Authorities are continuing to investigate, noting that the number of victims and the total financial loss are likely to increase.