PT J Trust Indonesia Tbk, operating as J Trust Bank, has filed a police report against fintech startup Crowde for alleged embezzlement.

The allegations concern fictitious loans issued in the names of farmers.

J Trust Bank’s monitoring and interviews revealed that some farmers listed as loan recipients by Crowde either did not know about the loans or denied applying for them.

Previously, J Trust Bank collaborated with Crowde to provide funding to farmers through peer-to-peer lending arrangements.

Consequently, the bank reported Crowde’s CEO and Co-Founder, Yohanes Sugihtononugroho, along with other management members, to the authorities.