A group of retail lenders who invested in Indonesia’s TaniFund is taking legal action against the peer-to-peer (P2P) lender, which has been hit by rising bad loans recently, DealStreetAsia has learned.
On February 21, the lenders and their lawyer team filed a lawsuit against PT Tani Fund Madani Indonesia (TaniFund’s legal name) and its board of directors with the Criminal Investigation Agency of Indonesian National Police (Bareskrim Polri), South Jakarta on allegations of fraud and embezzlement of funds, which they say violate articles 378 and 372 of the Indonesian criminal code.