Indonesian fintech company faces trial for alleged fictitious project fraud

The first trial for alleged criminal acts by PT Dana Syariah Indonesia (DSI) began at the Depok District Court on Wednesday, July 22, 2026. Prosecutors revealed the alleged scheme used by the defendants to gather public funds through fictitious projects and internal lending. This alleged modus operandi was reportedly employed to address the company's cash shortages and attract more substantial funding from the public.

Prosecutors detailed how the company's internal entity, PT Multiguna Cipta Mandiri, was allegedly positioned as a borrower needing financing, despite not requiring funds. Projects such as the Savana Project in Cirende, Tangerang Regency, the Kanaka Project in Krukut, Depok, and the Kiral Project in South Tangerang were allegedly used in this scheme. The defendants also reportedly created an internal lending scenario, allowing employees, directors, and affiliated parties to act as lenders. This was intended to create an illusion of demand for the offered projects, encouraging the public to invest their funds on the PT DSI platform.

During the period of 2018 to 2025, PT DSI reportedly raised Rp 5.26 trillion from lenders. This sum originated from 343 financing agreements for real projects involving 259 borrowers, alongside thousands of fictitious projects recorded in the company's system. Investigations revealed that 90 real projects were relisted with different project numbers, creating 5,523 fictitious projects. Furthermore, the returns paid to lenders were not solely derived from the repayment of real project financing; a portion was paid using funds from new lenders. Consequently, approximately 14,411 lenders have not received their invested funds back, with the outstanding amount totaling around Rp 1.39 trillion. Following the reading of the indictment, the defendant Taufiq Aljufri stated he would not file an exception, while the legal advisors for defendants Mery Yuniarni and Arie Rizal Lesmana requested a week to prepare their defense, citing a lack of access to the indictment copy. The court postponed the trial to July 29, 2026.