Indonesian Police Reveal Wahyu Kenzo Trading Robot Fraud Scheme

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By:

Team of Hukumindo

Previously, the www.hukumindo.com platform has talk about "Contoh Perjanjian Perkawinan Salah Satu Pihak adalah WNA", "The Case of IPB Students' Fraudulent Modes of Online Store Sales", you may read also "How to Open a Police Report in Indonesia?" and on this occasion we will discuss about 'Indonesian Police Reveal Wahyu Kenzo Trading Robot Fraud Scheme'. This fraud case is still classified as hot news in Indonesia.

The Malang City Police conveyed Wahyu Kenzo's Auto Trade Gold (ATG) trading robot fraud scheme. This scheme deceived tens of thousands of victims with losses reaching IDR 9 trillion. Malang City Police Chief Commissioner (Kombes) Budi Hermanto said that Wahyu Kenzo's fraud scheme was similar to a ponzi scheme. "More or less like a ponzi. They said that the money deposited would be managed abroad, but it turned out not to be like that," said Buher, the police chief's nickname, Thursday (16/3/2023).[1]

According to Buher, when someone is about to withdraw money at an automated teller machine (ATM), the nominal value of the funds that can be withdrawn will be displayed. However, on the ATG robot, the profit is only shown on the screen and cannot be withdrawn for cash. So that the benefits that members believe are only the numbers listed. "For example, the victim made a deposit of IDR 100 million and then it became IDR 1.5 billion, but it couldn't be cashed out. This is what makes people still feel that the ATG trading robot has a big impact and results," he said.[2]

Meanwhile, Head of the Malang City Police Criminal Investigation Unit: Commissioner Bayu Febrianto Prayoga said victims had to buy nutritional drink products to get vouchers. "After purchasing the product, the victim activated the voucher given by the robot using ATG 5.0 managed by ATG management," he said. After the account is active, ATG said that the victim's investment money will be managed by a broker from abroad. However, it turned out that the victims' investment money was not managed by brokers from abroad.[3]

The Police did not find any financial transactions for trading with foreign brokers. The police said that Kenzo admitted that the money was paid to other members who made withdrawals. "The deposit or investment money is paid to another member for withdrawal or withdrawal. So, in this case, the member's deposit money is paid to another member," he said. With this scheme, there is no profit derived from managing the funds. But from playing money sent from other members.[4]

"This flow of money, which is meant to be managed abroad, is in fact managed by Wahyu Kenzo in the country. Payment for withdrawals or withdrawals is not from profits, but from other members' money that comes in," he said. It is known that the police have assigned Wahyu Kenzo and one ATG marketing officer Raymond Enovan (RE) suspect status. Malang City Police have confiscated a number of luxury vehicles owned by Wahyu Kenzo, such as the BMW M4 luxury car, the Toyota Alphard Executive Lounge, and the Toyota Innova. Then three limited edition Vespas, the BMW R Nine T, and the Harley-Davidson Road Glide.[5] And if you have any legal issue in Indonesia territory, contact us then, feel free in 24 hour, we will be happy to assist you. 

*) For further information please contact:

Mahmud Kusuma Advocate

Law Office

Jakarta - Indonesia.

E-mail: mahmudkusuma22@gmail.com

________________

References:

1. "Polisi Beberkan Skema Penipuan Robot Trading Wahyu Kenzo", news.detik.com., Diakses pada tanggal 4 April 2023, Link: https://news.detik.com/berita/d-6622958/polisi-beberkan-skema-penipuan-robot-trading-wahyu-kenzo

2. Ibid.

3. Ibid.

4. Ibid.

5. Ibid.