Fadhil is a Jakarta resident who first heard about Tanijoy when he saw an ad on Instagram in 2019. The company presented itself as a peer-to-peer lending platform for agricultural projects, where lenders could choose to invest in dozens of initiatives in Indonesia and earn returns after harvests.

“The app was convincing. Each project was described in detail, including the profiles of farmer groups involved. Each project promised a profit of 5% to 13% within six to eight months,” Fadhil told KrASIA. Considering the high interest rate offered by the platform, Fadhil thought that making an investment through the app would be a smarter move than a traditional bank deposit, which offers an interest rate between 2.85% to 3% per annum.

He invested in three projects: golden melons, granola potatoes, and oyster mushrooms, pouring in IDR 12 million (USD 838). The platform mentioned an expected ROI of 10% after six to eight months. Yet, nearly two years…

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