Indonesian police have brought multiple charges against captured fugitive Maria Pauline Lumowa, who allegedly used a fictitious letter of credit (L/C) to obtain bank loans.

Lumowa fled Indonesia 17 ago after being named as a suspect in a sizeable corruption and money laundering scheme.

L/C allegations

In a case involving more than US$200 million in bank loans, Lumowa allegedly used a fictitious L/C to obtain bank loans of US$136 million and EUR 56 million (US$66 million) from Bank Negara Indonesia (BNI).

The L/Cs appeared to be issued to her company, Gramarindo Group, between 2002 and 2003. The alleged scam was worth the equivalent of around US$312 million in today's money.

Assets and accomplices

Lumowa was extradited by the Serbian government to Indonesia, even though the two countries have no extradition agreement.

Investigators are still working to identify accomplices suspected of conspiring with Lumowa on money laundering and corruption operations and seeking to identify assets of hers that they may be able to seize.

Investigators are reportedly looking into the roles three private banks may have played in arranging the fictitious L/C for Lumowa.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.