J Trust Bank reports fintech startup Crowde for alleged loan embezzlement

  • Published on 04/03/2025 GMT+7

  • Reading time 2 minutes

  • Author: Julian Isaac

  • Editor: Imanuddin Razak

J Trust Bank - image source: J Trust Bank

J Trust Bank - image source: J Trust Bank

PT JTrust Indonesia (J Trust Bank) has reported fintech lending startup Crowde to the Jakarta Police for alleged embezzlement of funds in credit facilities it has provided.

The alleged embezzlement of funds is related to fictitious loans in the name of farmers. Upon supervision and monitoring through visits and random interviews with farmers, J Trust Bank found that several farmers who were proposed by Crowde as loan recipients did not know or did not admit to having applied for loans through this platform.

J Trust Bank has previously collaborated with Crowde as a peer-to-peer lending platform to channel financing to farmers.

However, based on the results of an internal audit, the bank found violations of the Cooperation Agreement, or PKS, particularly in the distribution of loans.

Yohanes Sugihtononugroho, CEO and Co-Founder of Crowde, was reported by J Trust Bank for this alleged violation along with other management of PT Crowde Membangun Bangsa, to the police on charges of embezzlement and fraud as stipulated in Article 372 and Article 378 of the Criminal Code and Law No. 8/2010 on the Prevention and Eradication of Money Laundering or TPPU.

Some of the names reported include:

● Adryan Hafizh and Ahmat Sahri as Commissioners;

● Andrew Yeremia P.L. Tobing as President Director;

● Noviani Suryawidjaja as Director;

● Denish Elmoiselle Munaf as Business Analyst.

So far, Crowde has focused on providing access to funding for farmers, one of which is by collaborating with banks for channeling programs.

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