Indonesia Detains KoinWorks Executives in $35M Corruption Probe Linked to State Bank BRI

Jakarta prosecutors have detained three top executives from KoinWorks operator PT Lunaria Annua Teknologi in a major corruption case.

The suspects, including CEO Jonathan Bryan, commissioner Benedicto Haryono, and operations director Bernard Adrianto, face up to 20 years in prison.

The Core Allegations

Authorities allege the executives manipulated collateral documents and falsified trade invoices to secure Rp 600 billion ($35 million) in loans from state-owned PT BRI.

Investigators claim the group conducted flawed analyses, leading to improper disbursement of insurance-related funds without proper coverage.

The case involves fictitious credits channeled through the KoinWorks platform, harming public finances.

KoinWorks' Rise and Fall

KoinWorks, a leading Indonesian fintech superapp for P2P lending and SME financing, has served millions across 34 provinces.

Founded years ago, it attracted retail investors seeking high returns but now grapples with this scandal amid a fintech boom.

Wider Industry Shockwaves

This probe echoes 2025 scandals at startups like TaniHub and eFishery, eroding trust in Indonesia's once-hot venture scene.

Investors have pulled back sharply, with funding dropping 95% in some reports, forcing due diligence overhauls.

For everyday users, the real risk lies in potential losses for thousands of small lenders on P2P platforms.

Regulators may tighten OJK rules on fintech, spurring consolidation and weeding out bad actors.

Ultimately, this underscores why laypeople must scrutinize digital investments beyond promised yields.