Cases Of Failed Fund Management By Ahmad Rafif Evidence Of Weak Supervision And Community Education

Rupiah (Photo: Antara)

JAKARTA - Having personal investment in the financial market has now become a common thing for all groups, whether young people, parents or workers, one of which is investing in capital market instruments such as stocks.

As for investing in the stock market, it can be done in various ways in providing investment management funds, namely through legitimate channels such as in securities companies or investment managers, not through individuals, including influencers.

Recently, there were new cases that caused a stir in the community, namely investment offers, collection and management of public funds carried out by influencer Ahmad Rafif Raya turned out to be illegal and failed.

WH Project Founder William Hartanto assessed that the case of the failure of fund management carried out by influencer Ahmad Rafif Raya is proof of the lack of investment supervision and lack of understanding of public investment in Indonesia.

"Not only because of the lack of supervision, because it is useless if there is supervision if the investors themselves are also interested in the lure of wealth," he told VOI, Tuesday, July 9.

According to William, it was not only the case of Ahmad Rafif who failed to manage funds, previously there were also many similar cases, causing losses. Therefore, if, for example from the start there were no losses, then the practice may be considered legal by the community.

According to William, education needs to be done and becomes a very important thing to do. But eventually it will return to its own society, whether it can control itself from the lure of wealth or not.

William said that several steps taken by the Self-Regulatory Organization (SRO) so far have been quite good.

"The supervision is okay, especially after there is action after it is proven that there is a violation," he said.

Meanwhile, for the community, William conveyed that apart from education, self-control is also needed, and it is better to choose a licensed fund manager in order to reduce the risk of cases like this in the future.

Meanwhile, Pasa modal observer and Professor of Economics at the University of Indonesia (UI) Budi Frensidy assessed that the OJK had carried out its supervisory function for consumer protection.

However, Budi said this was also a reflection of the slow action of the regulator as a supervisor because of the steps he took after reporting or after it happened. It would be better if you could do it preventively.

According to Budi, the worst mistake in the Ahmad Rafif case is that the fund owners because they do not know the rules for raising funds and managing funds can only be done by investment managers.

"There is an element of greed for those who have money to get the promises of heaven even though they are naive, lack of knowledge, and lack of reading, so the literacy is very low. So they are easy victims," he said.

Budi conveyed that investment offers, fund collection and fund management must be licensed.

"The collection of funds in the community must have an OJK permit. Likewise the management. Maybe all those who put money there are quite rich so they like pom-pom and ARR promises, they are immediately interested," he added.

Therefore, Budi conveyed that education and socialization must continue to be carried out to remote areas and regions in Indonesia.

Previously, the Task Force for the Eradication of Illegal Financial Activities (Satgas PASTI) of the Financial Services Authority (OJK) stopped capital market activities carried out by Ahmad Rafif Raya.

Ahmad Rafif Raya is indicated to have violated the provisions of Article 237 of the Financial Sector Development and Strengthening Law (UU P2SK) in making investment offers, collecting and managing public funds without the permission of the Financial Services Authority (OJK).

On July 4, 2024, the PASTI Task Force summoned Ahmad Rafif Raya through a virtual meeting to ask for information and clarification regarding the news of his problems in managing funds amounting to Rp71 billion.

The Secretariat of the Task Force for the Eradication of Illegal Financial Activities, Hudiyanto, said that his party ordered Ahmad Rafif Raya to stop his activities in offering investment, collecting and managing public funds without permission in accordance with applicable laws and regulations.

"Responsible for the losses of the parties who have entrusted their funds to invest and return all the funds that have been deposited by the parties," he explained in an official statement, quoted on Sunday, July 7.

The PASTI Task Force also ordered Ahmad Rafif Raya to cooperate with the law enforcement process on investment offering activities, collecting and managing public funds without such permits.

"Ahmad Rafif Raya has expressed his willingness to accept the decision of the DEFINITE Task Force meeting and it is stated in a statement signed on stampai dated July 4, 2024," said Hudiyanto.

Therefore, the PASTI Task Force recommended the Indonesian Ministry of Communication and Information to block websites and social media related to Ahmad Rafif Raya and PT Saat Buying Shares that make investment offers.

OJK will also issue certain action orders to Ahmad Rafif Raya in the form of temporary suspension of the permission of the Deputy Investment Manager (WMI) and the Deputy Intermediary for Stock Traders (WPPE) on behalf of Ahmad Rafif Raya until the law enforcement process is complete.

"OJK will carry out the handling process in accordance with the provisions of the applicable laws," said Hudiyanto.