Surabaya, East Java (ANTARA) - East Java police have uncovered an alleged online investment scam involving stocks and cryptocurrencies, with three suspects and losses of about 12.9 billion rupiah (US$720,000), police said.

East Java Police Chief Nanang Avianto said the case was uncovered following seven police reports filed by victims.

“The case is still under investigation. The number of victims and people involved in the network could still increase significantly,” Nanang said here Thursday.

The alleged scam began when victims saw investment advertisements on social media, Nanang said.

Victims were then directed to WhatsApp groups offering lessons and trading activities involving stocks and cryptocurrencies.

They were promised returns of 30 percent to 200 percent and led to believe there was no risk of losses, police said.

Victims were then directed to create accounts on three platforms: YWWSDC, INVESCOS and CANTVR.

They were subsequently asked to deposit funds by transferring money to nominee company accounts listed on the platforms.

“After victims deposited funds, their platform balances appeared to increase. But when they tried to withdraw money, it could not be disbursed. They were then asked to pay fines,” Nanang said.

East Java cybercrime director Bimo Ariyanto said investigators traced the nominee company accounts used to receive victims’ transfers, leading to three suspects: FR, KPP and WH.

FR allegedly helped establish companies and nominee accounts used to hold proceeds from the scam. Investigators said FR knew how the accounts were being used.

KPP allegedly instructed FR to find people whose identities could be used to establish the companies and accounts.

Each company was then required to open several accounts at different banks, police said.

WH allegedly coordinated operations and finances and helped establish nominee layers involving cryptocurrency and companies used to receive victims’ funds.

Police seized three laptops, six mobile phones, 34 company documents, 12 bankbooks, two passports, seven ATM cards and one BCA token key.

Investigators have also blocked and seized funds from 77 accounts worth about 81.5 billion rupiah (US$4.55 million), police said.

East Java police are continuing to investigate the case to determine whether more victims or other people were involved in the alleged investment scam.

Pewarta: Willi I, Rahmad Nasution
Editor : Vicki Febrianto
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