Tanijoy Allegedly Embezzles 400 Investors Money as Much as IDR 4 Billion

The Financial Services Authority noted that a platform called Tanijoy created by PT Tanijoy Agritechnology Nusantara was not registered and supervised by the OJK. Recently, an open letter from the Tanijoy lenders association appeared on social media.

There are at least 400 lenders who funded 106 projects on the Tanijoy platform. They admitted that they did not get clarity and had the potential to lose up to IDR 4.16 billion.

The lenders represented by Fadhilah Pijar Ash Shiddiq as Chair I of the Tanijoy Lenders Association revealed several irregularities in the performance of the Tanijoy platform which seeks to accommodate these farmers’ loans.

Among other things, manipulation of reports on farming projects, creating fictitious investment projects, making it difficult to withdraw or withdraw funds from investment projects that have been completed, and finally admitting that they are processing permits at the OJK.

Based on Tanijoy’s website, this platform claims to have partnered with 1,067 lenders, channeled IDR 6.9 billion to 1,820 farmers as borrowers, and claims to have a 90-day loan repayment success rate (TKB90) of 100 percent.

While the Tanijoy page does not display the OJK logo or the Indonesian Joint Funding Fintech Association (AFPI), this platform claims to be under the provisions of POJK 77/POJK.01/2016 concerning Information Technology-Based Lending and Borrowing Services.

Tanijoy is Not Registered OJK

Meanwhile, when confirmed separately, the Chairman of the OJK Investment Alert Task Force Team Tongam L Tobing explained that of all existing permits, there is no Tanijoy name, either as a fintech lending, or conventional microfinance institution.

“Tanijoy is not registered as a P2P lending or MFI at the OJK. The public is asked to check the legality first, before investing. People who are disadvantaged must immediately report to the police,” he said, Monday (26/7/2021).

Tongam explained that law enforcement is one of the steps to create a deterrent effect on platforms that are trying to operate, even though they are not yet official.

In addition, legal action is one way for investors to obtain a settlement of their losses, or in other words, ask for responsibility for the platform that practices it.

Lastly, Tongam provides some tips to avoid being caught in the trap of illegal fintech, including understanding the risks from the start, diligently viewing official and licensed fintech data from the OJK.

Users also need to consider whether the product offered is logical, and look at billing procedures and terms in the downloaded application. This is in response to an open letter from the Tanijoy lenders association circulating on social media.

As many as 400 lenders who funded 106 projects on this platform admitted that they did not get clarity, and the total estimated loss reached IDR 4.16 billion.

Reportedly Ever Signed MOU with BUMN

Social media was enlivened with news that the startup Tanijoy was suspected of having stolen IDR 4 billion from investors. However, until now, Tanijoy has not provided any information.

Based on information compiled, Tanijoy and PT Berdikari (Persero) signed a memorandum of understanding last year. The memorandum of understanding is related to the potential for cooperation in the field of animal husbandry and trade in livestock products.

Group Head Corporate Secretary of PT Berdikari (Persero), Dheni Kamavina said the memorandum of understanding with Tanijoy signed last year has not been followed up further.

“Regarding our MOU with Tanijoy, it is only an MOU, there has been no follow-up on the MOU, so we have not carried out any cooperation with Tanijoy,” he told AFP, Monday (26/7/2021).

Dheni explained that the memorandum of understanding with Tanijoy does not include investment management, which is only limited to the potential for cooperation in livestock and trade.

Furthermore, he explained that the memorandum of understanding had passed the specified time period. Until now, there has been no cooperation between Berdikari and Tanijoy.

“The memorandum of understanding has also expired 6 months since the signing because no cooperation has been realized within that period and has not been extended,” he said.