Scammers Exploit Bank Accounts in Cryptocurrency Fraud Scheme

Indonesian authorities are investigating an international cryptocurrency investment scam, which has reportedly targeted numerous investors.

This fraudulent network used social media platforms to reach victims, then manipulated them into transferring substantial sums to specific bank accounts, including those linked to Bank Central Asia (BCA).

These scams have raised alarm over the increasing sophistication of online frauds that leverage legitimate financial institutions to deceive and exploit unsuspecting individuals.

Bank Central Asia Responds to Allegations

BCA, one of Indonesia's largest banks, has addressed claims that its accounts were misused by the perpetrators of this cryptocurrency scam.

Hera F. Haryn, the bank’s Executive Vice President of Corporate Communication & Social Responsibility, clarified that if these allegations are confirmed, BCA fully supports any legal actions taken against the fraudsters.

She expressed the bank's commitment to cooperating with law enforcement and emphasized the importance of protecting customer security.

Haryn said in a statement,

“BCA consistently backs law enforcement initiatives and remains open to coordinating with relevant authorities,”

She also urged customers to remain vigilant against such fraud schemes and never share their banking details.

Victims of the Cryptocurrency Scam Speak Out

A number of victims, including a 63-year-old woman, have come forward with stories of how they were swindled by individuals posing as cryptocurrency experts.

One victim shared that she transferred around $20,000 (Rp330 million) of her and her husband’s retirement savings after being introduced to an investment group on WhatsApp.

The scammers, operating under the alias “Professor AS,” initially offered a small bonus in USDT (Tether, a stablecoin pegged to the US dollar), which gave victims a false sense of security.

The fraud unfolded when victims were invited to invest through a platform called JYPRX, with specific bank accounts, including those registered under BCA and another bank, BRI, provided for the transfers.

As the scam progressed, the victim tried to withdraw her funds but was told that an investigation was underway.

Her account was frozen, and she was coerced into returning the bonus and purchasing additional cryptocurrency in exchange for the release of her funds.

Unfortunately, the funds remained inaccessible, despite her compliance.

The victim, identified as SW, shared in an interview with a local media.

"I didn’t track every transaction closely, but in total, I transferred around Rp330 million."

Police Investigate International Fraud Network

This scam is part of a larger operation, with Indonesian police recently dismantling a network responsible for defrauding at least 90 individuals.

According to the Cybercrime Directorate of Indonesia’s National Police, the total losses amounted to approximately $90,000 (Rp105 billion).

The fraudsters used online ads to lure victims into the scam, with many being introduced to a man known as “Professor AS,” who promised lucrative returns through stock and cryptocurrency trading lessons.

These lessons were staged as “nightly classes” aimed at teaching victims how to maximise profits.

The police investigation continues, with authorities warning the public about the growing threat of fraudulent investment schemes targeting unsuspecting individuals globally.