Indonesian authorities are investigating PT Dana Syariah Indonesia (DSI) following indications of a Ponzi scheme, according to findings revealed during a hearing with the Public Hearing House of Commission III (DPR) on January 15, 2026. The Indonesian Financial Transaction Reports and Analysis Center (PPATK) identified the scheme as “sharia-based” after analyzing company data from 2021-2025.
Financial Flows Under Scrutiny
Between 2021 and 2025, DSI raised Rp7.478 trillion from the public. Of that amount, Rp6.2 trillion was returned to investors, leaving an outstanding balance of approximately Rp1.2 trillion. PPATK’s analysis of this remaining amount revealed that Rp167 billion was spent on operational costs, such as salaries and rent.
A significant portion of the outstanding funds – Rp796 billion – was reportedly transferred to companies affiliated with DSI’s management, with an additional Rp218 billion going to individuals or other related entities. According to PPATK, the flow of funds indicates that affiliates of the company were the primary beneficiaries.
Legal Proceedings Underway
The National Police Criminal Investigation Agency (Bareskrim Polri) is also investigating DSI, having received four police reports related to the case. Brigadier General Ade Safri Simanjuntak stated that the investigation suggests funds were used to finance fictitious projects. Investigators found evidence of borrowers being registered without their knowledge for these projects.
DSI management acknowledged the account block by PPATK and has requested that both PPATK and OJK lift the restrictions to allow for the distribution of funds to lenders. Despite the ongoing investigations and sanctions, DSI claims to still be operating under Business Activity Restrictions (PKU) imposed by OJK since October 15, 2025. These restrictions prevent DSI from accepting new funding or disbursing new loans, but allow for ongoing collection from borrowers and sale of collateral.
Frequently Asked Questions
What is PPATK’s role in this case?
The Indonesian Financial Transaction Reports and Analysis Center (PPATK) is responsible for analyzing financial data to identify and prevent money laundering and other financial crimes. In this case, PPATK detected indications of a Ponzi scheme within DSI’s financial transactions.
What are the current restrictions on DSI?
PT DSI is currently operating under Business Activity Restrictions (PKU) imposed by OJK since October 15, 2025. This prevents the company from receiving new funding or disbursing new loans.
Is DSI cooperating with the investigation?
DSI management has confirmed the account block and requested its removal, but had not responded to requests for comment regarding the findings of PPATK and Bareskrim Polri at the time of reporting.
Given the ongoing investigations and financial restrictions, what impact will this situation have on DSI’s ability to operate and fulfill its obligations to lenders remains to be seen.
