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The Rising Tide of Financial Crime: A Ponzi Scheme Case Analysis Rizaldy Anggriawan; Muh Endriyo Susila; Ming Hsi Sung; Dwilani Irrynta
Lex Scientia Law Review Vol 7 No 1 (2023): Law, Justice, and Development: Theories and Practices in Indonesia and Global Con
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/lesrev.v7i1.60004

Ponzi scheme is one of the most common types of fraud perpetrated by con artists. The reason for this is that the mode is relatively easy to conceal. In this regard, criminal law plays a significant role in countering fraudulent practices. It serves as an initial warning to individuals who intend to engage in such behavior that they may face harsh penalties if they do so. The study aims to compare and analyze the Ponzi and pyramid schemes in the framework of criminal law enforcement. It also thoroughly investigates the criminal rules and their application to specific cases associated with Ponzi and pyramid schemes in Indonesia. This normative or doctrinal legal research employs statutory, conceptual, and case approach. The study reveals that there is some confusion in the community as well as the legal enforcement officers on the practice of Ponzi and pyramid schemes. As a result of this discrepancy, law enforcement officers may be incorrect in ensnaring an allegation against the offenders, or they may even consider that offenders are innocent. It is also exacerbated by the lack of a single rule that particularly governs the issue of Ponzi schemes, which may result in a legal vacuum. This circumstance might therefore be used by irresponsible persons to create such business companies that use Ponzi schemes and conceal their actions with crypto investment or robot trading software, as recently occurred in Indonesia.

Corporate Investment Fraud: Exploring Criminal Liability and the Legal Framework in Indonesian Context Rizaldy Anggriawan; Muh. Endriyo Susila
Law and Justice Vol. 8 No. 2 (2023): Law and Justice
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/laj.v8i2.2885

Salah satu bentuk aktivitas penipuan yang umum terjadi dalam dunia bisnis adalah penipuan investasi, yang seringkali merugikan masyarakat. Penipuan investasi terjadi ketika individu atau entitas mengumpulkan dana dari masyarakat tanpa izin dari otorisasi yang berkaitan. Penelitian ini akan membahas tentang pendirian sistem tanggung jawab pidana korporasi untuk kejahatan ekonomi, khususnya yang terkait dengan investasi. Fokus utamanya adalah memahami bagaimana entitas korporasi dianggap bertanggung jawab dalam kerangka hukum untuk aktivitas tersebut. Metode Penelitian ini mengadopsi pendekatan normatif, memandang kerangka hukum sebagai sistem norma yang terdiri dari prinsip-prinsip, peraturan perundang-undangan, preseden hukum, perjanjian kontraktual, dan ajaran doktriner. Penelitian ini mengungkapkan bahwa pengawasan terhadap aktivitas penipuan dalam korporasi dan penipuan investasi menyoroti peran penting yang dimainkan oleh regulasi hukum dan definisi dalam menjaga integritas pasar keuangan dan standar etika. Analisis ini menyoroti signifikansi besar yang ditempatkan pada penanggulangan perilaku penipuan dalam kerangka hukum, sebagaimana yang terlihat dalam ketentuan dalam Kode Pidana. Ketentuan hukum ini menekankan sifat sengaja dari penipuan, penggunaan identitas atau posisi palsu, dan potensi pemberian sanksi berat, termasuk penjara dan denda, yang digunakan sebagai pendekatan efektif untuk mencegah perilaku penipuan. Selain itu, pemeriksaan tanggung jawab pidana korporasi mengkonfirmasi bahwa perusahaan, yang berfungsi sebagai entitas hukum yang berbeda, memiliki kapasitas pertanggungjawaban hukum terkait tindakan yang dilakukan oleh perwakilan mereka, termasuk yang terkait dengan penipuan investasi. A prevalent form of fraudulent activities in the business sphere is investment fraud, which often affects unsuspecting members of the public. Investment fraud occurs when individuals or entities collect funds from the public without the required permits or authorizations. This study investigates the establishment of a system of corporate criminal liability for economic crimes, particularly those related to investments. The primary focus is to comprehend how corporate entities are held liable within the legal framework for such activities. This research adopts a normative approach, viewing the legal framework as a composite system of norms encompassing principles, statutory regulations, judicial precedents, contractual agreements, and doctrinal teachings. The investigation reveals that the scrutiny of fraudulent activities in corporate and investment fraud highlights the vital role played by legal regulations and definitions in upholding the integrity of financial markets and ethical standards. This analysis sheds light on the substantial significance attached to addressing fraudulent behaviors within the legal framework, as evidenced by the provisions in the Criminal Code. These legal stipulations underscore the deliberate nature of deception, the use of false identities or positions, and the potential imposition of severe penalties, including imprisonment and fines, all employed as potent deterrents against fraudulent conduct. Furthermore, the examination of corporate criminal liability confirms that corporations, functioning as distinct legal entities, possess the capacity for legal accountability regarding the actions undertaken by their representatives, including those related to investment fraud.

Insolvency Proceedings: ASEAN and EU Comparison on the Rules of Foreign Court Jurisdiction Anggriawan, Rizaldy
Indonesian Comparative Law Review Vol 3, No 1 (2020)
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/iclr.v3i1.11621

Due to a lack of uniformity or harmonization of laws and regulations, cross-border insolvency has remained an issue in the ASEAN region. ASEAN economic openness with the implementation of the ASEAN Free Trade Area (AFTA) and ASEAN Economic Community (AEC) may create issues at some points as investors compete to dominate the ASEAN while assets are located not only on their own territory but also in other ASEAN member countries. On some occasions, they can fail to meet their debt payment obligations when performing international business transactions. As a result of the bankruptcy case, a legal arrangement may exist between the country in which the business actor is declared bankrupt and the country in which the bankrupt debtor's assets are located. This interaction between two or more countries involves a clash of jurisdictions. In order to counter such an issue, ASEAN may learn from what the EU has done over these decades. The study aims to compare the regulatory issue of foreign court jurisdiction in settling the insolvency cases both in ASEAN and EU. The paper is normative-qualitative legal research. It used a comparative, statute, and conceptual approach. It is found that in terms of cross-border insolvency, the European Union is far ahead of ASEAN, given that at least two major regulations in place, namely EC Regulation 1346/2000 and EU Regulation 2015/848, while ASEAN has almost nothing to offer at this time. The experience of the EU to formulate and implement a settled regulation on foreign court jurisdiction in settling the insolvency cases among EU member countries is one of the valuable lessons that ASEAN may take from the EU.

Musharakah Mutanaqisah in Indonesia and Malaysia: Fatwa Institution, Regulation, and Recent Practice Asyiqin, Istianah Zainal; Hamsin, Muhammad Khaeruddin; Anggriawan, Rizaldy; Fanani, Ahmad
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 13 No. 1 (2024): April
Publisher : LPPM, Universitas Islam Syarifuddin Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v13i1.2302

Musharakah Mutanaqisah (MMQ) is one of Musyarakah's contract-based product developments. The application of MMQ as an Islamic banking financing product allows for the gradual purchase or commercial transfer of a portion of one partner's share to the other partner. The article aims to investigate the regulatory frameworks pertaining to MMQ in Indonesia and Malaysia. It also compares the associated institutions with the authority to issue regulations and policies surrounding the practice of MMQ. Furthermore, it analyzes and investigates a number of critical issues concerning the implementation of MMQ in both countries. This study is doctrinal legal research. It comprises the principle of law, legal systematics, synchronization of law, and legal history. The author also used statutory, conceptual, and comparative approaches. The result of the study shows that the regulatory framework in both countries was quite sufficient to accommodate the needs of MMQ customers and practitioners. Therefore, the study's novelty lies in its comprehensive comparative analysis of the regulatory frameworks and practices surrounding MMQ in Indonesia and Malaysia.

Unveiling Ethical Implications: AI Robot Accountability in Islamic Context Hamsin, Muhammad Khaeruddin; Anggriawan, Rizaldy; Jiatrahman, Farisma
Jurnal Media Hukum Vol 30, No 2: December 2023
Publisher : Fakultas Hukum Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jmh.v30i2.18524

The world is currently experiencing what is known as industry 4.0, a fusion of business and IT where robots and other forms of artificial intelligence are massively utilized. The fact that robots are now a regular part of people's lives raises novel liability issues. The research aims to address the questions whether artificial intelligence robots can be accepted as ethical and legal subjects in Islamic perspective. It also considers whether it is necessary to grant legal personality to robots and hold them liable for their decisions and conducts. The research is doctrinal legal research where the analysis was presented within the context of Islamic viewpoints in a descriptive-structured way. The result demonstrates that robots with artificial intelligence fall under the definition of jamadat. No matter how sophisticated, an artificial intelligence cannot have a biological vitality. Therefore, only humans have the potential to possess rights and be held liable for their actions. Robotic artificial intelligence systems lack the capacity to be regarded as responsible entities in this sense, to inflict legal sanctions on activities that are the result of algorithms, and to be held accountable for both civil and criminal offenses.

From Collusion to Corruption: How Indonesian Law Fights Back in Procurement Conspiracy Anggriawan, Rizaldy
Jurnal Penegakan Hukum dan Keadilan Vol. 6 No. 1 (2025): March
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jphk.v6i1.24577

Government procurement of goods and services is one of the largest sectors in the state budgets, but it is vulnerable to corrupt practices. Based on data from Indonesia Corruption Watch (ICW), in 2017, there were 84 cases of corruption in the procurement of goods and services that caused state losses of IDR 1.02 trillion. This study aims to answer several main questions: what are the forms and indicators of collusion in government procurement of goods and services? How does the existing legal framework regulate and handle such collusive practices? Moreover, what legal sanctions are applied to perpetrators of violations? Using a normative method that examines related laws and regulations, this study uncovered that collusion in procurement occurs in three main forms: horizontal, vertical, and combined collusion. This study also reviews the role of the legal framework, including Law No. 5 of 1999 and Law No. 20 of 2001, which aims to create transparency and fair competition. The results of the study revealed that collusion in the procurement of goods and services violates the principles of fairness and transparency and suggests the need to strengthen regulations and supervision, including the active role of the Business Competition Supervisory Commission and the Corruption Eradication Commission. This synergy is expected to eradicate monopolistic practices and corruption while supporting clean and competitive governance.

Legal frontiers in the war against money laundering: A doctrinal examination of global approaches Anggriawan, Rizaldy; Susila, Muh Endriyo
Jurnal Hukum Novelty Vol. 15 No. 2 (2024)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26555/jhn.v15i2.27853

Introduction to the Problem: Black money has a detrimental impact on a nation's macroeconomic and microeconomic, financial system, and international markets. The first idea to surface in the international literature when looking at the historical evolution of black money is money laundering. Criminal organizations employ various tactics to launder illicit funds, aiming to prevent the confiscation of the proceeds of their criminal activities. Purpose/Objective of Study: This research delves into international perspectives on countering money laundering, a growing concern that poses threats to the security and stability of nations worldwide, and causes economic uncertainty. The study also investigates the progress and regulations surrounding this matter, along with the efforts of international organizations. Design/Methodology/Approach: The research used doctrinal legal research with employing statutory and conceptual approaches. Findings: This legal research underscores the importance of countries revisiting their domestic legal frameworks in light of the current scenario. The research stresses the importance of global cooperation between countries in effectively addressing money laundering. It urges nations to establish bilateral agreements to enable a seamless flow of information for this purpose. Paper Type: Research Article

Unravelling Financial Wrongdoing: A Regulatory Perspective on Crimes in the Indonesian Capital Market Anggriawan, Rizaldy; Endriyo Susila, Muh.
IJCLS (Indonesian Journal of Criminal Law Studies) Vol 8, No 2 (2023): Indonesia J. Crim. L. Studies (November, 2023)
Publisher : Universitas Negeri Semarang (UNNES)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/ijcls.v8i2.47800

The perpetration of offenses within the Indonesian capital market poses a multifaceted challenge, intricately tied to the complexities of evidentiary establishment and legal pursuit within judicial contexts. This research investigates the pivotal role of Indonesia's capital market in its economic development, analyzing the impact of regulatory evolution from BAPEPAM to OJK. It aims to assess the efficacy of stringent regulatory frameworks in maintaining market integrity and bolstering investor confidence, while ensuring legal consequences for transgressors. Employing normative research methods, the study meticulously analyzes statutory regulations and normative constructs governing the capital market, confirming its critical role in national economic well-being and advancement. The transition from BAPEPAM to OJK underscores the dynamic nature of financial markets and underscores the imperative of preserving investor confidence and market integrity. Indonesia's capital market operates within robust regulatory frameworks designed to uphold transparency in securities trading and safeguard investor interests, with explicit prohibitions against fraud, market manipulation, insider trading, and record tampering. These measures underscore Indonesia's unwavering commitment to fostering trust and integrity within its capital market industry, imposing substantive legal consequences on offenders.

Unravelling Financial Wrongdoing: A Regulatory Perspective on Crimes in the Indonesian Capital Market Rizaldy Anggriawan; Muh. Endriyo Susila
IJCLS (Indonesian Journal of Criminal Law Studies) Vol. 8 No. 2 (2023): Indonesia J. Crim. L. Studies (November, 2023)
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/ijcls.v8i2.36737

The perpetration of offenses within the Indonesian capital market poses a multifaceted challenge, intricately tied to the complexities of evidentiary establishment and legal pursuit within judicial contexts. This research investigates the pivotal role of Indonesia's capital market in its economic development, analyzing the impact of regulatory evolution from BAPEPAM to OJK. It aims to assess the efficacy of stringent regulatory frameworks in maintaining market integrity and bolstering investor confidence, while ensuring legal consequences for transgressors. Employing normative research methods, the study meticulously analyzes statutory regulations and normative constructs governing the capital market, confirming its critical role in national economic well-being and advancement. The transition from BAPEPAM to OJK underscores the dynamic nature of financial markets and underscores the imperative of preserving investor confidence and market integrity. Indonesia's capital market operates within robust regulatory frameworks designed to uphold transparency in securities trading and safeguard investor interests, with explicit prohibitions against fraud, market manipulation, insider trading, and record tampering. These measures underscore Indonesia's unwavering commitment to fostering trust and integrity within its capital market industry, imposing substantive legal consequences on offenders.

Countering Transnational Digital Ponzi Schemes in Indonesia: Legal Frameworks, Institutional Challenges, and Reform Pathways Anggriawan, Rizaldy
Law and Justice Vol. 10 No. 2 (2025): Law and Justice
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/laj.v10i2.13243

Kemajuan pesat dalam transaksi pasar keuangan digital telah mempercepat penyebaran skema Ponzi global, yang menimbulkan ancaman serius bagi negara-negara berkembang seperti Indonesia. Artikel ini meneliti perkembangan skema Ponzi yang melibatkan mata uang kripto, platform perdagangan daring, dan komunikasi terenkripsi yang memungkinkan pelaku menipu investor lintas negara. Tujuan penelitian ini adalah untuk menganalisis hukum dan institusi di Indonesia dalam menghadapi skema Ponzi transnasional. Pendekatan yang digunakan adalah hukum doktrinal, dengan analisis terhadap kasus-kasus penipuan besar yang terjadi antara tahun 2020 hingga 2025, serta tinjauan terbatas terhadap hukum pidana, hukum perbankan, hukum pasar modal, dan undang-undang anti pencucian uang di Indonesia. Meskipun Indonesia memiliki dasar hukum yang memadai untuk menuntut pelaku skema Ponzi, proses hukum menghadapi berbagai kendala, termasuk keterbatasan yurisdiksi, kemampuan forensik digital yang belum optimal, serta tantangan kerja sama lintas negara. Lembaga-lembaga pengatur di Indonesia seperti Otoritas Jasa Keuangan (OJK) dan Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK) telah melaporkan beberapa langkah awal, seperti pembekuan aset utama kelompok pelaku dan upaya koordinasi investigasi. Namun demikian, masih terlihat adanya kekurangan dalam kesiapan dan kapasitas teknologi. Artikel ini menyimpulkan bahwa reformasi hukum, investasi pada infrastruktur forensik keuangan, kolaborasi internasional yang erat, serta peningkatan kesadaran publik akan sangat penting untuk memperkuat upaya Indonesia dalam memberantas skema Ponzi digital lintas negara dan melindungi investor domestik. The dramatic advancement of digitized financial market transactions has enhanced the dissemination of global Ponzi schemes, leading to serious threats to developing nations like Indonesia. This paper investigates the development of Ponzi schemes involving cryptocurrencies, online trading platforms, and encrypted communications in ways that allow them to defraud investors across borders. The aim is to analyze the Indonesia's laws and institutions to deal with the transnational Ponzi schemes. A doctrinal law approach, with case analysis of 'high profile' frauds occurring between 2020 and 2025, combined with a limited capacity to examine the country's criminal law, banking law, capital market law and anti-money laundering laws, leads to the investigation's conclusions. Despite Indonesia having sufficient legal foundations to prosecute Ponzi schemes, any legal proceedings will struggle against many hurdles, including the lack of jurisdiction, digital forensics capabilities, and cooperation across borders. Indonesian regulatory agencies like the Financial Services Authority (OJK) and the Financial Transaction Reports and Analysis Centre (PPATK) reported they have taken some initial steps in freezing the groups major assets and working on coordination of investigations, but it is evident there are degrees of inadequacies of preparedness and technological capacity. The paper finishes with a conclusion that legal reforms, investment in financial forensic infrastructure, critical international collaboration, and raising public awareness will facilitate Indonesia's efforts to disrupt transnational digital Ponzi schemes and protect Indonesian investors.

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