Jakarta, CNBC Indonesia – Gold is known as a safe haven asset that is less susceptible to economic risk fluctuations. However, investing in gold also has other risks, one of which is investment fraud as involving crazy rich, Budi Said and PT Antam Tbk (Antam).

This case started around April to December 2018. Where Budi Said as a consumer made a gold purchase transaction at the LM Surabaya Gold Boutique and claimed he did not receive his rights in the form of a discount offer offered by brokers and Antam individuals after making a purchase transaction of thousands of kilos of gold worth IDR 3, 5 trillion.

At that time, Budi Said was in contact with Eksi Anggraeni (broker), Endang Kumoro (Head of BELM Surabaya 01 Antam), Misdianto (administrative officer of BELM Surabaya 01 Antam), and Ahmad Purwanto (General Trading Manufacturing and Service Senior Officer Antam) in order to sell- buy Antam gold. According to Budi Said, he received an offer from Eksi Anggraeni to buy Antam gold at a discounted price of IDR 530 million per kilogram and delivery was carried out in 12 working days.

However, the fact is that at that time Antam did not provide discount prices to consumers. Because the discount policy set by Antam must of course be approved or determined by the corporate board of directors. Not from sales or boutique heads or branch heads.

Reflecting on this case, the public is advised to remain alert and be careful when carrying out gold purchase transactions. The daily selling price of Antam gold is displayed openly on the official website www.logammulia.com and delivery is carried out on the same day (cash and carry).

CNBC Indonesia Financial Expert Ayyi Achmad Hidayah explained that gold sold below market price will definitely harm the owner. In the Antam case, the loss occurred to the state.

“As a State-Owned Enterprise (BUMN) company that has listed its shares on the Indonesian capital market, Antam highly upholds the principles of transparency and good risk management,” Ayyi was quoted as saying recently.

Later, Antam discovered the fact that Eksi Anggraeni had given goods in the form of cars, gold and cash (Rupiah and SGD) to Endang Kumoro, Misdianto and Ahmad Purwanto using money given from Budi Said.

“When there is an entity that dares to offer high returns or discount prices for gold investment, then this is something to be suspicious of,” explained Ayyi.

He added that it would be a good idea for consumers to visit the office of the investment company concerned to ensure that the company actually exists. If the company operates in the digital gold sector, then check the company's permit on the Commodity Futures Trading Supervisory Agency (Bappebti) website.

Trisakti University Criminal Law Expert Abdul Fickar Hadjar also believes that what Antam officials and brokers did was a criminal act of fraud committed by individuals.

“Fraud cannot involve a corporation, unless it openly advertises. But it turns out the advertisement is not appropriate, the corporation is actively involved,” said Fickar.

According to Fickar, even though officials act on behalf of the agency/corporation where they work, this does not necessarily mean that the agency/corporation can be held accountable, as happened in the Antam case.

“If it's just individual people acting on behalf of a corporation, that's individual responsibility. It can't be placed on the corporation,” he explained.

[Gambas:Video CNBC]

(dpu/dpu)