JAKARTA – The Financial Services Authority (OJK) is instructed to reinforce its supervision on financial service industry to prevent a massive fraud case, just like what happened in Adani Group in India. Joko Widodo, President of Republic of Indonesia, relays said order during the opening of the Indonesian Financial Service Industry Summit today (6/2).

Widodo wishes to never see a fraud case like Adani Group in Indonesia. “Look over those who manipulate stocks. Manipulating stocks might get you high returns, but once you made a mistake, another Adani Group case may take place. Be careful,” he said.

According to the President, OJK must supervise financial service companies that are engaged in the insurance, investment, online financing, and hajj tour sectors, both in macro and micro scales.

Adani Group case in India has led to a total loss of USD 120 billion, which is equal to IDR 1,800 trillion. “We cannot let what happened in India taking place here. Manipulating IDR 1,800 trillion means losing one-fourth of India’s Gross Domestic Product,” Widodo stated. (LK/ZH)