eFishery Ex-CEO Gibran Huzaifah Detained in Financial Fraud Probe

Indonesian police have detained Gibran Huzaifah, the co-founder and former chief executive officer of aquaculture start-up eFishery, on suspicion of embezzlement and accounting fraud. Brig. Gen. Helfi Assegaf of the National Police’s economic-crimes directorate said Huzaifah was taken into custody on 31 July, with the arrest disclosed this week as the investigation intensifies. An internal review by eFishery’s investors alleged that, during the nine months ended September 2024, company revenue was inflated by about US$600 million. While eFishery reported a US$16 million profit for that period, investigators say the firm actually booked a US$35.4 million loss. Authorities also contend that the company overstated the number of its automated fish-feeding devices, claiming more than 400,000 units when only about 24,000 were found. Huzaifah was removed as CEO in December 2024 after the irregularities came to light and later publicly acknowledged manipulating some financial data. Police are examining whether the alleged misstatements enabled the company to secure funding or mislead potential acquirers in 2024. No charges have yet been filed against other executives, and eFishery has said it is cooperating with investigators.