BI-FAST Fraud Case Reaching IDR 200 Billion Allegedly Flowing into Global Cryptocurrencies

JAKARTA - The case of fraud related to illegal banking transfer activities through the BI-FAST system, which is estimated to reach Rp. 200 billion, has shaken the financial industry again.

Recently, the Financial Services Authority (OJK) revealed that handling this case was very complex because it was not classified as a single crime, but involved an organized criminal network.

To the media, the Head of the OJK Banking Supervisory Executive, Dian Ediana Rae, suspected that the funds from this fraud did not settle for a long time in conventional bank accounts, but were immediately transferred to international crypto accounts.

"What we are most worried about is that we cannot block this money faster because it is now being rushed to international cryptocurrencies," said Dian, quoted Tuesday, December 16.

For this reason, OJK admitted that it had difficulty tracking the flow of funds. Because according to him, after funds moved to the cross-country crypto ecosystem, the domestic authority's room for action was limited.

OJK and Bank Indonesia (BI) do not have the authority to block or freeze these crypto accounts, because they are outside the national jurisdiction.

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This condition makes the effort to recover funds and legal action require cross-authority and inter-state cooperation. Because according to him, similar cases also occur in other countries.

"Now we will encourage international institutions because we often attend various international meetings to really raise this issue to a global issue, not our domestic issue," he said.

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