Legal Analysis of PT. Waktunya Beli Saham (WBS)'s Legal Liability for Illegal Investments in Indonesia
Keywords:
OJK authority, illegal investment, financial law enforcementAbstract
The case of PT Waktunya Beli Saham and its founder, Ahmad Rafif Raya, illustrates a significant breach of financial law through illegal investment activities in Indonesia. The company collected approximately IDR 71 billion from the public without an official license from the Financial Services Authority (Otoritas Jasa Keuangan or OJK), violating Article 237 of Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK Law). This study discusses the legal responsibilities of PT Waktunya Beli Saham under corporate and criminal law, emphasizing the OJK’s authority to regulate and sanction financial institutions involved in unauthorized fundraising. It also analyzes the Indonesia Stock Exchange’s (BEI) preventive role as a self-regulatory organization in promoting transparency and investor protection. Through administrative, civil, and criminal perspectives, OJK holds both Ahmad Rafif and the company accountable for financial misconduct and violations of licensing provisions. The case highlights the importance of integrated supervision between OJK, BEI, and the Ministry of Communication and Informatics in combating financial fraud, especially those spread via social media. Ultimately, this paper underscores the urgency of stricter regulation, technological oversight, and digital financial literacy to protect investors and preserve the integrity of Indonesia’s capital market
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