PPATK Detects Signs of Ponzi Scheme in Dana Syariah Indonesia
Reporter
January 17, 2026 | 08:49 am
TEMPO.CO, Jakarta - The Indonesian Financial Transaction Reports and Analysis Center (PPATK) has found indications of a Ponzi scheme in the case of the default of PT Dana Syariah Indonesia (DSI). Deputy of Analysis and Examination Division of PPATK Danang Tri Hartono revealed this during a hearing with the Public Hearing House of Commission III (DPR).
"From the scheme that we have observed, it is a sharia-based Ponzi scheme," Danang said at the DPR building on Thursday, January 15, 2026, as monitored from a TV Parlemen YouTube broadcast. He mentioned that their institution had conducted an analysis based on company data from the period 2021-2025.
During this period, PT DSI successfully raised funds from the public amounting to Rp7.478 trillion. Out of the total funds raised, the amount returned to the public in the form of returns was Rp6.2 trillion, leaving an outstanding amount of around Rp1.2 trillion.
From this outstanding amount, PPATK found that around Rp167 billion was used for operational expenses, including electricity, internet, office space rental, salaries, advertising, and so on. Furthermore, a total of Rp796 billion was channeled to companies affiliated with DSI's management. Meanwhile, about Rp218 billion was transferred to individuals or other affiliated entities.
"So, from the flow of funds, the ones benefitting are the affiliates of the company," Danang said. PPATK has stopped DSI transactions by blocking the company's accounts since December 18, 2025. There are a total of 33 accounts with a balance of around Rp4 billion.
Currently, the default case of DSI is also being processed legally. In the public hearing, the Director of Special Economic Crime of the National Police Criminal Investigation Agency (Bareskrim Polri), Brigadier General Ade Safri Simanjuntak, stated that the Police had received four police reports related to the DSI case.
Ade mentioned that the investigation process was still ongoing. However, he suspected that the funds raised by DSI were used to finance fictitious projects. "And we also found that there are fictitious projects created using borrowers that have been registered by PT DSI, and these borrowers themselves are unaware when their names are reused by reintroducing fictitious projects created by PT DSI," said Ade.
Previously, DSI management confirmed that the main escrow account is currently temporarily blocked by PPATK. The company has also sent a request to PPATK and OJK to lift the block.
"PT DSI has submitted an official request to PPATK and OJK to obtain support to lift the account block, so the funds in the account can be promptly distributed to the lenders who have been waiting," the management stated in a written response to Tempo on Monday, December 29, 2025.
According to the company, to date, PT DSI is still operating but under OJK sanctions in the form of Business Activity Restrictions (PKU) since October 15, 2025.
Thus, for the time being, DSI is prohibited from receiving new funding from lenders or disbursing new financing to borrowers. Meanwhile, Other activities, such as collecting from borrowers, selling collateral from bad debtors, and distributing funds to lenders, are ongoing.
Tempo has requested a response from DSI management regarding PPATK and Bareskrim Polri's findings. However, at the time of writing this news, the management has not responded.
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