LATEST FINANCIAL FRAUD CASES IN INDONESIA: Indonesian National Pleads Guilty to $23 Million Ponzi Scheme

A Staggering $23 Million Ponzi Scheme Comes to an End

Francius Marganda, a 41-year-old Indonesian national, has pleaded guilty to securities fraud in a Brooklyn federal court for his role in a massive $23 million Ponzi scheme that defrauded hundreds of investors, mostly from Indonesia and Indo-American communities.

The Scheme’s Scope and Impact

The scheme, which ran from May 2019 to May 2021, targeted Indonesian and Indo-American investors with promises of high returns on short-term loan programs called Easy Transfer and Global Transfer. However, Marganda and his co-conspirators misappropriated the funds for personal gain, including buying real estate and luxury goods.

• The scheme ultimately collapsed in May 2021 when payments stopped being made to victims.
• Hundreds of investors were defrauded, with losses estimated at over $23 million.

Punishment and Forfeiture

Marganda has agreed to forfeit over $7.5 million misappropriated from investors. When sentenced, he faces up to 20 years in prison for his crimes.

International Cooperation and Support

United States Attorney Breon Peace commended law enforcement agencies from the US, Singapore, and Indonesia for their assistance in Marganda’s arrest and extradition. “This Office will continue to use all tools available to protect those living in the Eastern District, from prevention efforts to holding swindlers accountable,” he said.

Call to Action for Victims

The FBI and Homeland Security Investigations (HSI) have set up a website and email hotline for potential victims to come forward and seek compensation. Special Agent Ivan J. Arvelo added, “The guilty plea serves as a positive step toward justice for over 400 victims… We recognize there is more work to be done and there are likely countless additional victims worldwide who have not yet come forward.”

Ongoing Investigations into Financial Fraud Cases in Indonesia

Investigations into financial fraud cases in Indonesia continue, with law enforcement agencies working tirelessly to bring perpetrators to justice. The case highlights the importance of international cooperation and collaboration in combating financial crimes.