Uncovering the Dark Side of Ponzi Schemes Through Money Game
Abstract
Ponzi schemes with new looks and faces can divert people's views against the suspicions of investment organizers under the guise of Ponzi schemes. The purpose of this study is to reveal the dark side of the practice of Ponzi schemes through money games from the user's perspective. This study uses a qualitative method with a phenomenological approach, the selection of this method is used to achieve the research objectives. Collecting data using observation, interviews, and documentation. The results show, HIPO implementing a Ponzi scheme under the guise of a money game, this can be seen in the work system used by recruiting people and raising funds through offering investment packages as a trap as well as containing elements of gambling. Symptoms of the end of the HIPO as a fraudulent investment are shown through changes to the system and policies by the founders so that members cannot withdraw funds.
Keywords: ponzi scheme, money game, dark side
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References
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Blois, K., & Ryan, A. (2013). Affinity fraud and trust within financial markets. Journal of Financial Crime, 20(2), 186–202. https://doi.org/10.1108/13590791311322364
Brand, K., Gaynor, M., McAlvanah, P., Schmidt, D., & Schneirov, E. (2014). Economics at the FTC: Office Supply Retailers Redux, Healthcare Quality Efficiencies Analysis, and Litigation of an Alleged Get-Rich-Quick Scheme. Review of Industrial Organization, 45(4), 325–344. https://doi.org/10.1007/s11151-014-9444-x
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Indaryani, T. (2020). OJK Beri Warning Soal Investasi Hipo, Pendiri Hipo Langsung Datang ke Batam Beri Klarifikasi. Tribunnews.Com.
Investasi, S. W. (2019). Satgas Waspada Investasi Tindak 133 Fintech Peer-To-Peer Lending, 22 Gadai Swasta Dan 27 Entitas Penawaran Investasi Tanpa Izin. Siaran Pers OJK, 1–3. https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/Siaran-Pers-Satgas-Waspada-Investasi-Tindak-133-Fintech-Peer-To-Peer-Lending,-22-.aspx
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Janet, B., & Murwadji, T. (2020). Praktik Skema Piramida dalam Sistem Distribusi Barang. Jurnal Ilmu Kepolisian, 14, 135–152.
Kamal, A., & Gustiningsih, D. A. (2019). Melawan Kapitalisme : Menguak Dimensi Kecurangan Travel Ibadah Umroh. Tangible Journal, 4(1), 18–37. https://doi.org/10.47221/tangible.v4i1.54
Kasim, E. S., Zin, N. M., Padil, H. M., & Omar, N. (2020). Ponzi schemes and its prevention: Insights from malaysia. Management and Accounting Review, 19(3), 89–118. https://doi.org/10.24191/mar.v19i03-05
Kharisma, B. U. (2021). Praktik Money Game Skema Ponzi Pada Tiktok Cash. Syntax Literate ; Jurnal Ilmiah Indonesia, 6(5).
Musaraj, S. (2019). The Magic of Pyramid Firms: Cosmologies of Speculation, Repertoires of Credit and Collapsed Finance. Ethnos, 84(2), 179–200. https://doi.org/10.1080/00141844.2017.1377274
Otoritas Jasa Keuangan. (2019). Otoritas Jasa Keuangan Dan Bareskrim Polri Sepakat Berantas Fintech Peer-To-Peer Lending Ilegal Dan Investasi Ilegal SP 05/VII/SWI/2019. Siaran Pers OJK, 1–4.
Piaw, T., Zawawi, H., & Bujang, Z. (2019). Who are the money games investors? A case study in Malaysia. International Journal of Accounting, Finance and Business (IJAFB), 4(25), 12–24.
Priyo, B. S. (2019). AKBP Arsal: Q-Net Masuk Dalam Daftar Perusahaan Ilegal Oleh OJK. Suara Karya. https://www.suarakarya.id/detail/104421/AKBP-Arsal-Q-Net-Masuk-Dalam-Daftar-Perusahaan-Ilegal-Oleh-OJK
Rudi, A. (2017). Skema Ponzi, dari First Travel hingga Penipuan “Wedding Organizer.” Kompas.Com. https://megapolitan.kompas.com/read/2017/09/19/06565751/skema-ponzi-dari-first-travel-hingga-penipuan-wedding-organizer?page=all
Rudiwantoro, A. (2018). Langkah Penting Generasi Millennial Menuju Kebebasan Finansial Melalui Investasi. Jurnal Moneter, 5(1), 44–51. www.bi.go.id,
Sadiraj, K., & Schram, A. (2018). Inside information in Ponzi schemes. Journal of the Economic Science Association, 4(1), 29–45. https://doi.org/10.1007/s40881-018-0047-4
Safwan. (2019). Multi Level Marketing Dalam Perspektif Etika Bisnis Islam. Jurnal JESKape, 2(1), 1–18.
Skalak, S. L., Lau, R., & Clarke, S. (2015). Ponzi Schemes. In A Guide to Forensic Accounting Investigation. https://doi.org/10.1002/9781119200048.ch24
Solichah, Z. (2019). Di balik terungkapnya kasus bisnis piramida Q-NET. Antaranews. https://www.antaranews.com/berita/1142035/di-balik-terungkapnya-kasus-bisnis-piramida-q-net
Stefanescu, R., & Dumitriu, R. (2018). Financial Illusions During Transition: Case of Romania. SSRN Electronic Journal, September. https://doi.org/10.2139/ssrn.3094618
Tennant, D. (2011). Why do people risk exposure to Ponzi schemes? Econometric evidence from Jamaica. Journal of International Financial Markets, Institutions and Money, 21(3), 328–346. https://doi.org/10.1016/j.intfin.2010.11.003
Vasek, M., & Moore, T. (2019). Analyzing the Bitcoin Ponzi scheme ecosystem. In Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics): Vol. 10958 LNCS. Springer Berlin Heidelberg. https://doi.org/10.1007/978-3-662-58820-8_8
Wang, L., Cheng, H., Zheng, Z., Yang, A., & Zhu, X. (2021). Ponzi scheme detection via oversampling-based Long Short-Term Memory for smart contracts. Knowledge-Based Systems, 228, 107312. https://doi.org/10.1016/j.knosys.2021.107312
Wilkins, A. M., Acuff, W. W., & Hermanson, D. R. (2012). Understanding a Ponzi scheme: Victims’ Perspectives. Journal of Forensic & Investigative Accounting, 4(1), 1–19.
ACFE. (2017). Fraud Examiners Manual. Acfe, 1–1913.
Akinladejo, O. H., Clarke, M., & Akinladejo, F. O. (2013). Pyramid Schemes and Multilevel Marketing (MLM): Two Sides of the Same Coin. Journal of Modern Accounting and Auditing, 9(5), 690–696. http://www.davidpublishing.com/davidpublishing/Upfile/7/14/2013/2013071470482473.pdf#page=108
Artzrouni, M. (2009). The mathematics of Ponzi schemes. Mathematical Social Sciences, 58(2), 190–201. https://doi.org/10.1016/j.mathsocsci.2009.05.003
Arum, I. M. (2012). Multi Level Marketing (MLM) Syariah: Solusi Praktis Menekan Praktik Bisnis Riba, Money Game. Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah, 3(1), 25. https://doi.org/10.18326/muqtasid.v3i1.25-45
Bartoletti, M., Carta, S., Cimoli, T., & Saia, R. (2020). Dissecting Ponzi schemes on Ethereum: Identification, analysis, and impact. Future Generation Computer Systems, 102, 259–277. https://doi.org/10.1016/j.future.2019.08.014
Beek, J. (2020). Waiting, relationships and money in a Ponzi scheme in Northern Ghana. Critical African Studies, 12(1), 107–120. https://doi.org/10.1080/21681392.2019.1697315
Blois, K., & Ryan, A. (2013). Affinity fraud and trust within financial markets. Journal of Financial Crime, 20(2), 186–202. https://doi.org/10.1108/13590791311322364
Brand, K., Gaynor, M., McAlvanah, P., Schmidt, D., & Schneirov, E. (2014). Economics at the FTC: Office Supply Retailers Redux, Healthcare Quality Efficiencies Analysis, and Litigation of an Alleged Get-Rich-Quick Scheme. Review of Industrial Organization, 45(4), 325–344. https://doi.org/10.1007/s11151-014-9444-x
Cahyaningrum, D. (2017). Tanggung Jawab Hukum First Travel. Majalah Info Singkat Hukum, Vol. IX, N, 1–4. https://berkas.dpr.go.id/puslit/files/info_singkat/Info Singkat-IX-16-II-P3DI-Agustus-2017-191.pdf
Chen, W., Zheng, Z., Ngai, E. C. H., Zheng, P., & Zhou, Y. (2019). Exploiting Blockchain Data to Detect Smart Ponzi Schemes on Ethereum. IEEE Access, 7, 37575–37586. https://doi.org/10.1109/ACCESS.2019.2905769
Creswell, J. W. (2014). Research Design: Qualitative, QuCreswell, J. W. (2014). . Research design Qualitative quantitative and mixed methods approaches. https://doi.org/10.1007/s13398-014-0173-7.2antitative,. Research Design Qualitative Quantitative and Mixed Methods Approaches.
Dalimunthe, A. (2020). Himpunan Pengusaha Online Internasional Targetkan 1 Juta Anggota Di 2020. Industri.Co.Id. https://www.industry.co.id/read/59797/himpunan-pengusaha-online-internasional-targetkan-1-juta-anggota-di-2020#:~:text=Sekjen HIPO%2C Ekky Noviar%2C S,lebih anggota dari 34 provinsi.
Faisol, A. (2019). Kasus “Money Games” Skema Piramida PT Amoeba, Satu Orang Ditetapkan Jadi DPO. Regional Kompas. https://regional.kompas.com/%0Aread/2019/10/10/12403911/kasus-money-games-skema-piramida-pt-amoeba-satu-orang-ditetapkan-jadi-dpo?page=all
Fei, L., Shi, H., Sun, X., Liu, J., Shi, H., & Zhu, Y. (2020). The Profile of Ponzi Scheme Victims in China and the Characteristics of Their Decision-making Process. Deviant Behavior, 00(00), 1–14. https://doi.org/10.1080/01639625.2020.1768639
Harizan. (2017). Upaya Preventif Berkembangnya Money Game Di Indonesia. Asy-Syar’iyyah: Jurnal Ilmu Syari’ah Dan Perbankan Islam, 2(1), 1–27. https://ci.nii.ac.jp/naid/40021243259/
Hidajat, T. (2018). Financial Literacy, Ponzi and Pyramid Scheme in Indonesia. Jurnal Dinamika Manajemen, 9(2), 198–205. https://doi.org/10.15294/jdm.v9i2.16261
Hidajat, T., Primiana, I., Rahman, S., & Febrian, E. (2020). Why are people trapped in Ponzi and pyramid schemes? Journal of Financial Crime, 28(1), 187–203. https://doi.org/10.1108/JFC-05-2020-0093
Indaryani, T. (2020). OJK Beri Warning Soal Investasi Hipo, Pendiri Hipo Langsung Datang ke Batam Beri Klarifikasi. Tribunnews.Com.
Investasi, S. W. (2019). Satgas Waspada Investasi Tindak 133 Fintech Peer-To-Peer Lending, 22 Gadai Swasta Dan 27 Entitas Penawaran Investasi Tanpa Izin. Siaran Pers OJK, 1–3. https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/Siaran-Pers-Satgas-Waspada-Investasi-Tindak-133-Fintech-Peer-To-Peer-Lending,-22-.aspx
Investasi, S. W. (2021). SIARAN PERS SATGAS WASPADA INVESTASI HENTIKAN TIKTOK CASH DAN SNACK VIDEO (SP 02/SWI/III/2021. Otoritas Jasa Keuangan, 2–3. https://www.ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Documents/Pages/Siaran-Pers-Satgas-Waspada-Investasi-Hentikan-Tiktok-Cash-dan-Snack-Video/SP -- SATGAS WASPADA INVESTASI HENTIKAN TIKTOK CASH DAN SNACK VIDEO .pdf
Ismanto, H. (2021). HIMPUNAN PENGUSAHA ONLINE (HIPO) INTERNASIONAL. Site Google. https://sites.google.com/view/hipo-hadi
Janet, B., & Murwadji, T. (2020). Praktik Skema Piramida dalam Sistem Distribusi Barang. Jurnal Ilmu Kepolisian, 14, 135–152.
Kamal, A., & Gustiningsih, D. A. (2019). Melawan Kapitalisme : Menguak Dimensi Kecurangan Travel Ibadah Umroh. Tangible Journal, 4(1), 18–37. https://doi.org/10.47221/tangible.v4i1.54
Kasim, E. S., Zin, N. M., Padil, H. M., & Omar, N. (2020). Ponzi schemes and its prevention: Insights from malaysia. Management and Accounting Review, 19(3), 89–118. https://doi.org/10.24191/mar.v19i03-05
Kharisma, B. U. (2021). Praktik Money Game Skema Ponzi Pada Tiktok Cash. Syntax Literate ; Jurnal Ilmiah Indonesia, 6(5).
Musaraj, S. (2019). The Magic of Pyramid Firms: Cosmologies of Speculation, Repertoires of Credit and Collapsed Finance. Ethnos, 84(2), 179–200. https://doi.org/10.1080/00141844.2017.1377274
Otoritas Jasa Keuangan. (2019). Otoritas Jasa Keuangan Dan Bareskrim Polri Sepakat Berantas Fintech Peer-To-Peer Lending Ilegal Dan Investasi Ilegal SP 05/VII/SWI/2019. Siaran Pers OJK, 1–4.
Piaw, T., Zawawi, H., & Bujang, Z. (2019). Who are the money games investors? A case study in Malaysia. International Journal of Accounting, Finance and Business (IJAFB), 4(25), 12–24.
Priyo, B. S. (2019). AKBP Arsal: Q-Net Masuk Dalam Daftar Perusahaan Ilegal Oleh OJK. Suara Karya. https://www.suarakarya.id/detail/104421/AKBP-Arsal-Q-Net-Masuk-Dalam-Daftar-Perusahaan-Ilegal-Oleh-OJK
Rudi, A. (2017). Skema Ponzi, dari First Travel hingga Penipuan “Wedding Organizer.” Kompas.Com. https://megapolitan.kompas.com/read/2017/09/19/06565751/skema-ponzi-dari-first-travel-hingga-penipuan-wedding-organizer?page=all
Rudiwantoro, A. (2018). Langkah Penting Generasi Millennial Menuju Kebebasan Finansial Melalui Investasi. Jurnal Moneter, 5(1), 44–51. www.bi.go.id,
Sadiraj, K., & Schram, A. (2018). Inside information in Ponzi schemes. Journal of the Economic Science Association, 4(1), 29–45. https://doi.org/10.1007/s40881-018-0047-4
Safwan. (2019). Multi Level Marketing Dalam Perspektif Etika Bisnis Islam. Jurnal JESKape, 2(1), 1–18.
Skalak, S. L., Lau, R., & Clarke, S. (2015). Ponzi Schemes. In A Guide to Forensic Accounting Investigation. https://doi.org/10.1002/9781119200048.ch24
Solichah, Z. (2019). Di balik terungkapnya kasus bisnis piramida Q-NET. Antaranews. https://www.antaranews.com/berita/1142035/di-balik-terungkapnya-kasus-bisnis-piramida-q-net
Stefanescu, R., & Dumitriu, R. (2018). Financial Illusions During Transition: Case of Romania. SSRN Electronic Journal, September. https://doi.org/10.2139/ssrn.3094618
Tennant, D. (2011). Why do people risk exposure to Ponzi schemes? Econometric evidence from Jamaica. Journal of International Financial Markets, Institutions and Money, 21(3), 328–346. https://doi.org/10.1016/j.intfin.2010.11.003
Vasek, M., & Moore, T. (2019). Analyzing the Bitcoin Ponzi scheme ecosystem. In Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics): Vol. 10958 LNCS. Springer Berlin Heidelberg. https://doi.org/10.1007/978-3-662-58820-8_8
Wang, L., Cheng, H., Zheng, Z., Yang, A., & Zhu, X. (2021). Ponzi scheme detection via oversampling-based Long Short-Term Memory for smart contracts. Knowledge-Based Systems, 228, 107312. https://doi.org/10.1016/j.knosys.2021.107312
Wilkins, A. M., Acuff, W. W., & Hermanson, D. R. (2012). Understanding a Ponzi scheme: Victims’ Perspectives. Journal of Forensic & Investigative Accounting, 4(1), 1–19.
Published
2022-07-27
How to Cite
HARYADI, Bambang; WAHYUDI, Imam; HAYATI, Nur.
Uncovering the Dark Side of Ponzi Schemes Through Money Game.
Jurnal Ilmiah Akuntansi dan Bisnis, [S.l.], v. 17, n. 2, p. 201-213, july 2022.
ISSN 2303-1018.
Available at: <https://ojs.unud.ac.id/index.php/jiab/article/view/83812>. Date accessed: 25 apr. 2024.
doi: https://doi.org/10.24843/JIAB.2022.v17.i02.p02.
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