Efishery founder who faked data sentenced to 9 years in prison

Gibran Huzaifah, founder and former CEO of Indonesian agritech startup eFishery, has been sentenced to nine years in prison for his role in a high-profile fraud case involving alleged financial misconduct that caused losses of approximately 69.47 billion rupiah (S$5.5 million) to the company and its investors. The verdict was delivered on April 29, 2026, at the Bandung District Court. Prosecutors had initially sought a 10-year prison term and a one billion rupiah fine for Huzaifah, who denied the allegations throughout the trial.

The case centered on accusations that Huzaifah manipulated financial statements to secure bonuses totaling 54 billion rupiah and misused company funds, including in a failed acquisition of AI startup Dycodex. The scandal, which led to a reported US$300 million in investor losses, triggered a broader re-evaluation of governance and transparency in Southeast Asia's startup ecosystem.

Huzaifah's defense argued that the company had generated significant returns for early investors during his 11-year tenure. However, the court found sufficient evidence to convict him under Indonesia's criminal code and anti-money laundering laws. The ruling is expected to serve as a precedent for handling similar cases involving high-profile technology startups in the region.