Muhammad Aulia Rahman, Jakarta – Police have detained Gibran Huzaifah, the former CEO and co-founder of Indonesian aquaculture startup eFishery, over allegations of financial report manipulation, marking a dramatic turn in a months-long investigation into one of the country's most high-profile tech unicorns.
Investigators from the Criminal Investigation Department have taken him into custody, said Helfi Assegaf, Director of the Economic and Special Crimes Unit at the National Police (Polri), on Tuesday.
Alongside Gibran, police have also detained Angga Hadrian Raditya, former Vice President of eFishery, and Andri Yadi, Vice President of Aquaculture Financing. The three were officially taken into custody last Thursday in connection with the same case.
While the police have yet to disclose specific charges or the case structure, Helfi confirmed that the investigation is still ongoing.
The detentions come months after eFishery suspended Gibran and Chief Product Officer Chrisna Aditya in December 2024 following an internal investigation into alleged financial misconduct. The company informed investors and shareholders about discrepancies in revenue and performance reports tied to both co-founders, who each held around 9 percent of company shares.
In response to the crisis, eFishery swiftly appointed interim leadership, naming Adhy Wibisono as acting CEO and Albertus Sasmitra as interim CFO. The company has maintained that the leadership change was made in coordination with shareholders to bolster corporate governance.
We are fully aware of the significance of this matter and are giving it our full attention. eFishery remains committed to maintaining the highest standards of corporate governance and ethical business practices, the company said in a December statement.
eFishery, founded in 2013, became one of Indonesia's few unicorn startups after raising $200 million in Series D funding in July 2024. The round was led by Abu Dhabi's 42XFund and supported by heavyweight investors including Temasek, SoftBank, Northstar, Malaysia's Kumpulan Wang Persaraan, and 500 Global. The company also secured $30 million in debt funding in May 2024.
Authorities have not yet disclosed whether additional executives or investors will be questioned as the probe continues.
A draft report obtained by Bloomberg News in January revealed that eFishery's management may have inflated revenue by nearly $600 million, or Rp 9.8 trillion, during the period from January to September 2024. The 52-page draft, prepared by FTI Consulting, indicated that over 75 percent of the reported figures were allegedly fabricated.
According to the report, actual revenue during that period was approximately $157 million, compared to the $752 million publicly announced by the company. The findings suggest that the financial losses could be far greater than initially anticipated.