eFishery Founder Gibran Huzaifah Faces 10-Year Jail Sentence in Massive Fraud Scandal
Indonesian prosecutors are seeking a 10-year prison sentence for eFishery co-founder and former CEO Gibran Huzaifah in a high-profile fraud case at the Bandung District Court.
The demands come amid allegations of systematic financial manipulation and embezzlement of nearly US$1 million from the aquatech unicorn.
eFishery's Meteoric Rise to Unicorn Status
Founded in 2013 by Gibran Huzaifah and Chrisna Aditya, eFishery disrupted Indonesia's aquaculture industry with smart IoT feeders for fish farmers.
The company secured massive funding from global giants like SoftBank and Temasek, reaching a $1.4 billion valuation.
Uncovering the Fraudulent Practices
A whistleblower alert in late 2024 revealed eFishery had inflated revenues from $752 million to actual $157 million, fabricating profits into losses.
Gibran publicly admitted in April 2025 to faking financial statements to attract investors during cash crunches.
FTI Consulting's audit implicated multiple senior executives in maintaining dual accounting books since 2018.
Huzaifah was detained in August 2025 with associates over embezzlement tied to the scandal.
Lasting Impact and Future Outlook
The scandal prompted board overhauls, investor writedowns, and eroded trust in Indonesia's booming startup scene.
eFishery now grapples with recovery under new leadership amid ongoing legal battles.
A conviction could deter investments in aquatech while highlighting needs for stronger governance in emerging markets.
