Angon.id Cultivation Investment Startup Issue
An incorrect business calculation resulted in "fraud", total lost has reached four billion Rupiah
Kristin Siagian - 26 March 2019
Within the past few months, some DailySocial readers might find out Angon.id cultivation investment startup issue on social media accounts related to the refund of all investors. Through its main Instagram channel for sharing information, Angon.id has the latest status updates in October 2018.
As the media that has covered their launch and development, we feel required to seek the truth. We tried to contact boards of founders by phone or social media, but there’s no feedback.
Some staff who had been connected with DailySocial said they started to left the company since mid-2018.
Moreover, we’ve got some news from trusted source of what happened.
According to our source, a person having close connection to Angon.id management, said this issue risen due to an error of business calculation. The money collected from investors was used mostly for operational expenditure and founder’s demand which wasn’t urgent.
One case is when it was used to buy office property in “fancy enough” area in Semarang. Regardless, they have deadline to return the investor’s fund for livestock cultivation and its outcome.
The total loss is claimed to reach four billion Rupiah
Angon.id is a Telkom-based Indigo Creative Nation program incubation, under Jogja Digital Valley.
Debuted on October 2016, this startup combined investment startup (fintech) with agriculture (agtech) concept. Investor is to invest through Angon.id to raise fund for farmers, before they get profit sharing from the product sales.
“[Simple] Angon.id management committed fraud to the investor’s money. I would say this case is like First Travel [with a different scale]. Management has been “broken” since the late 2018.”
They’re facing a condition which solution is on its own management, while Telkom claims its position as business coach in early stage and not related to the operational.
“The last time we communicate with Agif [Angon.id’s CEO, Agif Arianto], they guarantee to return the money, gradually. Currently, it’s very difficult to connect.”