Indonesia’s Financial Services Authority (OJK) has placed former Investree Radhika Jaya CEO Adrian Asharyanto Gunadi on its wanted list following allegations of financial misconduct.
Gunadi, who co-founded the peer-to-peer lending platform, is suspected of illegally raising funds without the necessary permits, leading to significant losses for users.
Authorities believe he has fled abroad to evade legal action.
The OJK’s move follows the revocation of Investree’s business licence on 21 October 2024 due to the company’s failure to meet regulatory requirements. The fintech firm struggled with declining performance and could not secure credible investors to stabilise its operations. Despite warnings from regulators to inject fresh capital and improve governance, Investree failed to comply, leading to liquidation proceedings.
Also Read: Qatar firm JTA leads Indonesian MSME lender Investree’s US$231M Series D round
OJK Executive Supervisor Agusman confirmed that Gunadi’s alleged financial irregularities are under investigation. Reports suggest that he diverted company funds into his personal account and used Investree as a guarantor for a separate business venture.
As part of its enforcement measures, the OJK is blocking Gunadi’s bank accounts, tracing his assets, and pursuing legal action to ensure accountability.
In addition to Gunadi’s case, the OJK has been tightening regulations across the fintech lending sector.
With Investree’s liquidation underway, borrowers are still required to fulfil their repayment obligations to lenders. A liquidation team, appointed by Investree’s shareholders and approved by the OJK, will oversee the repayment process and asset distribution.
Founded in 2015 in Jakarta, Investree provides digital financial solutions to largely underbanked MSMEs who previously faced difficulties securing loans without collateral from traditional financial institutions. It provides four products: invoice financing, working capital term loan, buyer financing, and microproductive loan for ultra-micro entrepreneurs.
In October 2023, Investree secured EUR 220 million (US$231 million back then) in a Series D funding round led by JTA International Holding by establishing a joint venture (JV) with the Qatar-based firm. The company’s Series B and C investor, SBI Holding, also participated in the round.
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