J Trust Bank Reports P2P Lender Crowde for Alleged Embezzlement
JAKARTA, investortrust.id – J Trust Bank, a subsidiary of Japanese financial conglomerate J Trust Co. Ltd, reports Indonesian peer-to-peer (P2P) lender Crowde to local authorities for alleged embezzlement. The bank’s internal investigation shows irregular financing practices in agricultural loans, fueling concerns over P2P lending oversight amid a recent string of controversies, including the eFishery fraud case.
The case further highlights the importance of robust due diligence and transparent lending procedures in Indonesia’s rapidly expanding financial technology landscape.
J Trust Bank, which trades under the BCIC ticker in Indonesia, explains that the partnership with PT Crowde Membangun Bangsa was initially intended to provide funding to farmers through a digital platform. Crowde positions itself as a P2P financing facilitator, aiming to connect lenders with small-scale agricultural entrepreneurs in need of capital. However, based on the bank’s inspections, discrepancies emerged when several farmers claimed they had never applied for any loans through Crowde.
J Trust Bank management, in a press statement on Friday, Feb 28, 2025, stated that random site visits and interviews revealed some borrowers knew nothing about the submitted loan applications in their names. “From the supervision and monitoring we conducted, it appears that certain prospective borrowers presented by Crowde were unaware of loans supposedly disbursed on their behalf,” the bank’s management noted.
The bank, which has a majority stake controlled by J Trust Co. Ltd, decided to exercise its legal rights by filing a report against Crowde’s management. The police report names the company’s executives—including CEO Yohanes Sugihtononugroho—for alleged embezzlement and fraud under Articles 372 and 378 of Indonesia’s Criminal Code (KUHP), as well as Law No. 8 of 2010 on the Prevention and Eradication of Money Laundering (TPPU). The complaint is logged to Jakarta Metro Jaya Police under a report dated Feb 11, 2025.
The statement also lists other Crowde leadership and staff—such as commissioners Adryan Hafizh and Ahmat Sahri, director Andrew Yeremia P. L. Tobing, director Noviani Suryawidjaja, and business analyst Denisha Elmoiselle Munaf—as potentially implicated in the alleged wrongdoing. “We hope authorities thoroughly investigate everyone who could be involved in these unlawful acts,” J Trust Bank management added.
Crowde, established as a local fintech company, has been known for its focus on agriculture financing, promoting ease of capital flow to small-scale farmers. Its partnership with J Trust Bank aimed to broaden lending reach, but the alleged violation of funding agreements now draws heightened scrutiny to Indonesia’s fintech ecosystem.
This latest case arises just as the country’s P2P sector is still grappling with the fallout from the eFishery fraud allegations, where investors questioned the transparency and accountability of raised funds. The situation underscores regulators’ growing challenge in ensuring consumer protection and compliance standards across multiple fintech platforms.
By pursuing legal measures, J Trust Bank seeks to clarify the nature of Crowde’s reported violations and safeguard its own assets. Both the bank and local authorities emphasize that investigations remain ongoing, with the final outcomes yet to be determined.