Jakarta – A director at Indonesian investment platform PT Dana Syariah Indonesia (DSI) is offering to return funds in a bid to have fraud charges dropped, as authorities investigate allegations the company used fictitious projects to defraud lenders. The case, unfolding now, highlights the risks inherent in Indonesia’s rapidly growing fintech sector.
DSI Executives Under Scrutiny
The National Police Criminal Investigation Unit is probing claims that PT Dana Syariah Indonesia failed to pay investors, allegedly using fabricated projects to conceal the shortfall.
Three suspects have been identified in the case: TA, President Director and shareholder of PT DSI; MY, Former Director and Shareholder of PT DSI, also holding positions at PT Mediffa Barokah Internasional and PT Duo Properti Lestari; and AR, a Commissioner and Shareholder of PT DSI. Investigators began naming suspects on Thursday, February 5th, according to Brigadier General Ade Safri Simanjuntak, Director of Special Economic Crimes at Bareskrim Polri.
The suspects face charges under Article 488, 486, and 492 of Law Number 1 of 2023 concerning the Criminal Code, as well as Article 45A Paragraph (1) in conjunction with Article 28 Paragraph (1) of Law Number 1 of 2024, amending Law Number 11 of 2008 concerning Information and Electronic Transactions, and Article 299 of Law Number 45 of 2023 concerning Development and Strengthening of the Financial Sector. They are also accused of money laundering (TPPU) related to channeling public funds through these fictitious projects.
- Investigators are tracing assets using a “follow the money” approach.
- The alleged fraud occurred between 2018 and 2025.
- Charges include embezzlement, fraud, and money laundering.
Questioning and a Plea for Restorative Justice
On Monday, February 9th, 2026, investigators questioned two of the suspects, TA and AR. MY was unable to attend due to illness, according to a statement relayed through their legal counsel. Authorities are currently investigating the flow of funds related to the alleged criminal activity.
TA, through his lawyer Pris Madani, has expressed a willingness to resolve the matter through restorative justice and a full return of investment funds. “From Mr. Taufik’s perspective, he is willing to fulfill his obligations to lenders,” Madani told journalists at National Police Headquarters. “If our calculation is temporary with that value, he is ready to return 100%.”
Madani further stated that TA is prepared to add an additional IDR 10 billion (approximately $630,000 USD) to the funds being returned as a gesture of goodwill.
An Apology to Investors
TA has also issued an apology to lenders affected by the alleged fraud. “As citizens who certainly obey the law, we will go through this process and mechanism,” Madani conveyed. “And we also hope that to the lenders, on behalf of Pak Taufik and his family, we apologize physically and mentally.”
The pursuit of restorative justice hinges on the willingness of lenders to accept the offer, but TA’s legal team is optimistic about reaching a resolution. “God willing, we will go there [RJ],” Madani said. “But if the lenders don’t want it, that’s a different matter. But we will try as much as possible.”
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(rdp/rdp)
