In early 2025, Indonesia was rocked by allegations of counterfeit gold bars bearing the PT Aneka Tambang Tbk (Antam) hallmark — one of the country’s most trusted producers of precious metals. What began as a complaint from a private investor evolved into a national controversy involving billions of rupiah, legal disputes, and widespread speculation online.
Chronological Timeline of Events
LBMA Opens Review of Antam
The London Bullion Market Association stated it was investigating Antam over concerns about misuse of the company’s stamping service for ~109 tons of gold from 2010-2021. Source
Kejaksaan Agung Clarifies Gold Authenticity
Kejaksaan Agung confirms: Gold is authentic, but acquisition was illegal. The Attorney General's Office stated: "Emasnya emas asli bukan emas tidak asli. Tapi perolehan emas yang masuk yang distempel itu adalah yang ilegal" (The gold is authentic, not fake. But the acquisition of the gold that was stamped is what was illegal). Sources included illegal mining and foreign imports. Six former General Managers named as suspects for unauthorized branding. Source
Six Former General Managers Named as Suspects
Kejaksaan Agung designates 6 former General Managers of Antam's Precious Metals Division as corruption suspects in 109-ton gold case. Internal Suspects: TK (GM 2010-2011), HN (2011-2013), DM (2013-2017), AH (2017-2019), MAA (2019-2020), ID (2021-2022). External Parties: 7 customers including Lindawati Effendi, Suryadi Lukmantara, Suryadi Jonathan, James Tamponawas, Ho Kioen Tjay, Djudju Tanuwidjaja, Gluria Asih Rahayu. Illegal Activities: Colluded to process 109 tons of gold scrap without proper KYC procedures, business assessment, or directorate approval. Failed to verify gold sources (potentially from illegal mining) and only required basic KTP without LBMA team verification. Source
Nine Antam Officials Examined as Witnesses
Kejaksaan Agung examines 9 key PT Antam officials as witnesses to strengthen evidence in 109-ton gold case. Witnesses include: HRT (Director of Operations), MS (Assistant Manager Retail), HBA (Treasury Division Head), GAG (Operations Senior Manager), YH (Precious Metal Sales Head), AY (Operations Division Head), JP (Marketing Manager), AKW (Former Marketing Manager), and AAW (Financial Reporting Manager). The investigation reveals collusion between suspects and private parties to misuse Antam's manufacturing services for unauthorized production of 109 tons of gold using Antam's LM trademark without proper licensing. Source
Prosecutor’s Office Charges Seven Suspects
Indonesia’s Kejaksaan Agung Republik Indonesia announced the formal indictment of seven individuals in connection with an alleged 109 tons of gold stamped under the Antam “LM” brand without proper licensing. Source
Clarification on ‘Fake Gold’ Claims
The Prosecutor’s Office clarified that the gold involved was not counterfeit — it was legitimate bullion, but mis-branded under Antam’s “LM” label illegally. Source
Hoax Warning: Rp 5.9 Quadrillion Loss Claim
Authorities debunked the widely circulated claim that the losses amounted to Rp 5.9 quadrillion (~USD 380 billion) in the Antam case. Source
Market Impact and Ongoing Trial
Antam’s gold sales dipped following the scandal; the company introduced a 'Trace & Verify' digital authentication system. Trial proceedings continue in Jakarta. [General coverage]
Public Discussions and Alternative Perspectives
On Reddit (e.g., r/Indonesia), discussions centred around systemic issues in Indonesia’s state-owned enterprises. A top-voted comment read:
“If Antam’s serial verification can be duplicated, it means either insider access or outdated infrastructure — this isn’t a one-off mistake.”
— User u/jakarta_fintech, Reddit thread on r/Indonesia (March 2025)
Meanwhile, Kaskus forum threads saw heated exchanges between gold-investors and sceptics:
“Jangan cuma salahin oknum. Kalau packaging bisa dipalsu sampai stempel dan nomor seri, itu artinya sistem kontrolnya udah lama bocor.”
— Kaskus user ‘goldlover88’, April 2025
On Twitter/X, finance-influencers amplified concerns about market trust, speculating that the scandal could impact the broader MIND ID group’s image amid efforts to attract foreign capital.
🗣️ Additional Forum Findings
Recent discussions on Indonesian forums provide valuable insights into public understanding of the controversy:
Indonesian Reddit Community Insights:
- r/Indonesia Thread:“109 Ton Emas Antam Palsu Beredar di Masyarakat”
Community discussion about the circulation of allegedly fake Antam gold in society. Highlights public confusion about the scale and nature of the issue. - r/finansial Discussion:“Kasusnya itu sebenarnya penyalahgunaan merek”
Clarifies that the case is actually about “brand misuse” rather than fake gold. Financial community perspective on investment implications. - r/Indonesia Analysis:“What you guys think?”
Key insight: “Btw emasnya tidak palsu. Yang benar itu, 109 ton emas diproduksi di luar Antam tapi pakai nama Antam” (Translation: “The gold is not fake. What’s true is that 109 tons of gold was produced outside Antam but using Antam’s name”). Community consensus that the issue is about unauthorized use of Antam branding.
Official Sources & References
- Reuters – “London gold body reviews purity concerns about Indonesian state miner” (6 Jun 2024)
- Kejaksaan Agung RI – “Tetapkan 7 Tersangka Baru Kasus 109 Ton Emas PT Antam” (18 Jul 2024)
- CNBC Indonesia – “Beredar Kabar Emas Palsu, Kejagung Pastikan 109 Ton Emas Antam Asli” (5 Mar 2025)
- Tempo.co – “AGO Clarifies Alleged Rp 5.9 Quadrillion Corruption at Antam” (12 Mar 2025)
- Kominfo/Kom Digi – “Hoaks: PT Antam Menyebarkan Emas Palsu Sebanyak 109 Ton” (8 Mar 2025)
📊 Investment and Market Analysis
The controversy has significant implications for gold investors in Indonesia. LBS Urun Dana provides comprehensive analysis of the case and its market impact:
- LBS Investment Analysis:“Terbongkar! Ini Kronologi Lengkap Kasus Emas Palsu Antam 109 Ton!”
Comprehensive analysis revealing: 109 tons of gold processed illegally through collusion between Antam officials and external parties. Financial Impact: Rp3.3 trillion in state losses (not Rp185 trillion as viral on social media). Illegal Methods: Processed gold scrap without proper KYC, business assessment, or directorate approval. Failed to verify gold sources and only required basic identification. Market Impact: Illegal gold eroded Antam’s official market and damaged investor confidence in precious metals investments.
Key Investment Implications:
- Risk Assessment: Highlights importance of due diligence in precious metals investments
- Market Confidence: Temporary decline in gold investment trust requiring enhanced verification systems
- Regulatory Response: Case strengthens calls for better oversight in commodity trading
- Alternative Investments: Drives investors toward transparent, syariah-compliant platforms like LBS Urun Dana
As of October 2025, the case remains under trial. While Antam has pledged to restore public confidence with improved authentication systems, the scandal continues to fuel broader debates about accountability and transparency in Indonesia’s mineral sector.
This article is being researched with ChatGPT. A little cheat, I searched manually also to confirm some of the articles. It’s not 100% AI unfortunately. Lol.