The South Jakarta District Prosecutor’s Office has named three companies as suspects in the TaniHub investment fraud case, allegedly perpetrated between 2019 and 2023.
These include PT THI [PT TaniHub Indonesia]; PT TSI [PT Tani Supply Indonesia]; and PT TFMI [PT Tani Fund Madani Indonesia]—subsidiaries of PT Tani Group Indonesia (TaniHub), which allegedly benefitted from the misuse of investment funds, said head of South Jakarta District Prosecutor Iwan Catur Karyawan in a statement on September 30.
“The corruption case was controlled by personnel within these corporations, and the companies benefitted from the criminal act,” Karyawan said.
Indonesia’s Financial Service Authority (OJK) revoked TaniFund’s P2P licence, a financing arm of TaniHub, in May 2024.
Prosecutors have also named ETPLT, former finance director of TaniHub Group, as a suspect in a related money-laundering case, which prosecutors said stems from the earlier corruption probe. Investigators found that ETPLT had disguised proceeds of corruption through cash withdrawals and fee payments to TaniHub’s partner companies.
A total of 10 suspects—comprising individuals and corporate entities—have been named in the graft case. Authorities have seized assets worth 80 billion rupiah ($4.8 million), including land, vehicles, bank accounts, as well as three land plots across the Greater Jakarta area.
Investigators have questioned over 60 witnesses and several experts as part of the ongoing probe, according to him.
In a response to DealStreetAsia, Suyanto Reksa Sumarta, head of the special crimes division (Kasi Pidsus) at the South Jakarta District Prosecutor’s Office, explained that corporate suspects are not subject to detention.
Penalties for corporations found guilty of corruption include fines of up to 1 billion rupiah, restitution equivalent to illicit gains, and, in certain cases, corporate dissolution. “The exact fine and restitution amounts are still being calculated by our audit team,” he said.
He added that six detained suspects will remain in custody until November 24. The detention of DSW, IAS, and ETPLT has been extended for the third time since their initial arrest on July 28, while NW, WG, and AAH received their second detention extension since September 3.
Sumarta said that the prosecutor is still collecting evidence before moving up the case to trial. “We will immediately submit it to the court after the filing is complete,” he concluded.
