Indonesian Police Uncover Fraudulent Cryptocurrency Investment Scheme Causing Billions in Losses

East Java Police in Indonesia have dismantled a fraudulent cryptocurrency investment scheme led by suspect Henrico Tampenawas. Victims were lured into crypto training groups and directed to deposit funds on fraudulent websites using fake cryptocurrency assets (PBOGA, JQRBT, NOUE). After payment, promised returns could not be withdrawn, causing losses in the billions of rupiah. Police are investigating possible money laundering and additional suspects.

Overview of the Fraudulent Scheme

The Cyber Crime Directorate of East Java Police has been investigating a fraudulent cryptocurrency investment scheme since June 2025, receiving nine reports from victims through September 2026. Primary suspect Henrico Tampenawas (Rico Tampenawas) is accused of orchestrating the operation, which has caused losses in the billions of rupiah. Police are also investigating potential money laundering activities and the involvement of additional suspects.

How the Scam Operates

This scheme uses a systematic, multi-stage approach:

Recruitment Phase: Scammers invite victims to join cryptocurrency trading training groups, building trust and rapport.
Initial Deposit Phase: Within these groups, victims are instructed to deposit funds into fraudulent cryptocurrency exchanges (using fake assets like PBOGA, JQRBT, and NOUE) controlled by the perpetrators.
Additional Fee Phase: After initial deposits, scammers demand additional payments under the guise of "taxes" and "administrative fees."
Withdrawal Denial Phase: When victims attempt to withdraw their investments or promised profits, withdrawals are blocked or repeatedly delayed. The funds are already stolen.

Police investigation suggests the operation was run as an organized criminal network rather than by a single individual, implicating multiple perpetrators.

Warning Signs to Recognize

Be wary of any investment opportunity displaying these characteristics:

Unrealistic Returns: Promises of guaranteed annual returns exceeding 30% or other yields far above market averages
Social Media Recruitment: Invitations through messaging apps, social media groups, or online communities
Unknown Platforms: Instructions to transfer funds to unfamiliar or unverified cryptocurrency exchanges
Hidden Fees: Requests for additional payments labeled as taxes or processing fees after initial investment
Withdrawal Problems: Inability to access funds, repeated delays in processing withdrawals, or outright refusals
Time Pressure: Aggressive tactics urging quick decisions or immediate action

Prevention and Protection Measures

Verify the Exchange: Before investing, confirm the cryptocurrency platform is officially licensed and regulated. Check the official website independently.
Verify the Promoter: Thoroughly research the person or organization recommending the investment. Be especially cautious of individuals you know only through social media.
Evaluate Return Claims: Compare promised returns to legitimate market benchmarks. If returns seem too good to be true, they almost certainly are.
Use Established Platforms: Conduct transactions only on major, internationally recognized cryptocurrency exchanges with proven track records and regulatory compliance.
Take Your Time: Resist pressure to decide quickly. Legitimate investments allow time for due diligence and consultation.
Seek Second Opinions: Discuss investment opportunities with trusted friends, family members, or financial professionals before committing funds.

Reporting and Support Resources

National Police Cyber Crime Directorate (Ditressiber)
Consumer Protection Agency
Financial Regulatory Authorities
Fraud Victim Support Organizations

If you encounter suspicious investment solicitations or believe you have been victimized by fraud, report it to law enforcement immediately.