EFishery, an aquaculture startup, has reported two executives to the Indonesian police over fraud allegations. The two individuals have the initials G and C.

The allegations were filed in 2024 with the Jakarta Metropolitan Police, the National Police Criminal Investigation Agency (Bareskrim), and the Financial Services Authority (OJK).

Brigadier General Trunoyudo Wisnu Andiko, head of the public information bureau at the National Police Public Relations Division, confirmed the incident. He did not disclose further details regarding the ongoing investigation.

A source familiar with the matter indicated that a third individual has also been reported in the case.

EFishery has appointed FTI Consulting as interim management to address corporate governance issues.

An interim report revealed significant financial discrepancies, including an inflated profit of US$16 million and revenues of US$752 million. However, it actually incurred losses of US$35.4 million, with real revenues estimated at US$157 million.

The company’s claimed 400,000 farming partners were also exaggerated, with the real number at 24,000.

FTI’s findings are based on employee interviews and internal communications. However, it noted limitations in the draft report.

The case is ongoing as authorities and interim management continue to investigate the allegations.

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