JAKARTA. Pandawa Group promised to refund investment funds of all customers. The owner and leader of the Pandawa Group Salman Nuryanto claimed that he is ready to be reported to the police if he fails to realize the promise.

Nuryanto promised to refund customers by signing a certificate on the seal before the Chairman of the Investment Alert Task Force Tongam Lumban Tobing, at Financial Services Authority (FSA) building, Monday (28/11). "The return of customer funds no later than 1 February 2017," said Nuryanto, Monday (28/11).

He claimed that to date the clients’ funds are only remaining Rp 500 million. "They belong to the 100 customers and will be refunded soon," said Nuryanto. Whereas, on 11 November 2016 Nuryanto told This number is much lower compared to the previous description of Nuryanto the Investment Alert Task Force that the total funds reached Rp 500 billion collected from 1,000 customers.

Nuryanto claimed to have refunded most of the funds (Rp 499.5 billion) in the span of 11 November until 28 November 2016. In other words, Nuryanto managed to refund customer funds in only seven days. However, Nuryanto needs a three months period until 1 February 2017 to refund only Rp 500 million.

However, the Investment Alert Task Force claimed that the institution has never obtained any evidence regarding the refund. If any customer claims to have not received the refund yet, the Task Force will suggest the customer to take legal action. “There are no complaint from customers so that to date we still accept it (statement of Nuryanto),” Tongam said.

The case of Pandawa Group occurred in the recent months. The group, which is located in Meruyung, Depok, is known to raise public funds illegally. Pandawa offered customers with a yield of 10% per month or 120% per year.

The activities of Pandawa Group have sparked controversies and rumors among Depok residents. On 20 June 2016, the Depok branch of Indonesian Council of Ulema (MUI) declared Pandawa’s investment fund management as ‘haram’ or ‘forbidden under Islamic law.’

On 11 November 2016, the Investment Alert Task Force summoned the leader of the Pandawa Group and the board of Pandawa Group Saving and Loan Cooperative.

The Task Force found that the Pandawa Group is a fictitious company, including all agreements between the customers and the Pandawa Group, which were signed directly by Salman Nuryanto. Since then, the Task Force prohibited Pandawa to raise public funds.

Financial planner at OneShildt Financial Planning Risza Bambang reminded that the investors must look at any proposed investment. Because, in investing, there is no such thing as a shortcut. There are many investment instruments, such as deposits, savings, mutual funds, stocks and bonds. The instruments are usually monitored by the FSA. People can also invest in real terms, such as property and precious metals.

(Muhammad Farid/Translator)

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Editor: Yudho Winarto