Antara, Jakarta – Attorney General Sanitiar Burhanuddin vowed to appeal against the recent acquittal of financing cooperative KSP Indosurya in what prosecutors described as the biggest financial fraud in history.
Indosurya chairman Henry Surya and finance director June Indria are accused of frauding customers and embezzling funds that caused a total loss of Rp 106 trillion to around 23,000 customers – the biggest financial loss in a scam case ever investigated by the Attorney General's Office.
But the top prosecutor didn't let the two executives off the hook and planned an appeal to the Supreme Court. "We have ordered [the prosecution team] to lodge an appeal," Buhanuddin said on Wednesday.
The cooperative has collected a huge sum of funds from investors by offering high returns for their term deposits since 2012. It offered a return of up to 12 percent, far above the interest in conventional banks at 5-7 percent.
In February 2020, many Indosurya customers began to complain that they couldn't withdraw their savings and investments and some of them reported Indosurya executives to the police.
Police arrested Henry and June in February of last year for alleged financial fraud and handed the case to prosecutors.
The Attorney General's Office estimated a loss of Rp 106 trillion affecting 23,000 Indosurya customers as the two suspects went to trial.
When delivering the verdict on Tuesday, the judges in the West Jakarta District Court declared that Henry was proven of failing to repay his customers but they argued that it was a civil case and accordingly acquitted him of criminal charges.
"The defendant, Henry Surya, is proven of committing to conducts as in the indictment but they are not criminal offenses and should merit a civil case," Presiding Judge Syafrudin Ainor said. The panel also ordered his immediate release from the prosecutor's detention.
Prosecutors have recommended a prison sentence of 20 years for Henry.
A week earlier, the same court acquitted June Indria of all charges and declared that the criminal charges couldn't be proven. She was facing a sentence of 10 years in prison when the verdict was read out.