Indonesia’s GrabToko reported an investor to the police for embezzlement

GrabToko is an ecommerce company that sells new Android smartphones and iPhones at a steep discount. The report notes that despite the similar name, it has no connection to the Southeast Asian unicorn Grab.

While GrabToko succeeded in attracting lots of customers through its digital, billboard, and TV advertisements, it has not been able to deliver the products.

Recently, its managing director Yudha Manggala Putra announced via the company’s official Instagram account that an investor has embezzled money from its customers. He claimed to have reported the incident to the police and to have tried to secure the company’s bank account and some of the investor’s assets to prevent further loss. He didn’t mention the investor’s name, however.

“We will return the customers’ money after the police investigation,” Putra added in the statement.