Police Arrest EDCCash CEO over Cryptocurrency Fraud

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Laila Afifa

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  • TEMPO.CO, Jakarta - The Indonesian National Police (Polri) has named six individuals from the cryptocurrency investment platform EDCCash as suspects of fraud, money laundering, and embezzlement.

    National Police spokesperson Senior Commissioner Ahmad Ramadan on Tuesday said that the six people include the company’s CEO Abdulrahman Yusuf. 

    “There are six suspects which include the CEO who were apprehended and questioned at the National Police Criminal Investigation Unit (Bareskrim),” said Ramadan at his office in South Jakarta on April 20. 

    Moreover, investigators have also raided the homes of a number of the suspects and confiscated 14 vehicles, cash in both rupiah and foreign currencies, and other luxury items from the house belonging to one suspect identified as A.Y.

    EDCCash CEO Abdulrahman Yusuf was reported to the police Bareksrim on April 14 by a number of people claiming to be victims of the company’s frauds. They said that they were not able to draw money from their cryptocurrency assets for six months which caused them to lose tens of billions of rupiah.

    Read: Indonesia's Plan for a Cryptocurrency Exchange Met with Enthusiasm

    ANDITA RAHMA