PT Dana Syariah Indonesia Executives Face Trial for Alleged $155 Million Fraud

The first trial for alleged fraud and embezzlement at PT Dana Syariah Indonesia (DSI) commenced on Wednesday, July 22, 2026, at the Depok District Court in West Java. The company's top executives, including President Director Taufiq Al Jufri, former Director Merry Yuniarni, and Commissioner Ari Rizal Lesmana, are facing charges.

The indictment presented by the public prosecutor details accusations of fictitious projects, which allegedly resulted in significant financial losses for DSI investors. The estimated total losses range from over Rp1.3 trillion to Rp2.4 trillion (approximately $85 million to $155 million USD, based on current exchange rates).

The trial proceedings were orderly, with security provided by court officials and police. Several investors who are victims of the alleged scheme, along with family members of the accused, were present to observe the proceedings. This initial hearing marks the beginning of the evidence presentation phase, with subsequent sessions expected to include responses from the defendants and the examination of witnesses and evidence.

Prior to the court session, some lenders affected by the Dana Syariah Indonesia case staged a protest. They gathered before attending the first trial of the company's leadership. The case involves allegations of investment fraud, embezzlement, and money laundering (TPPU).

Prosecutors contend that the accused orchestrated fictitious projects, causing substantial harm to the company's clients. The court's proceedings will continue with further examination of evidence and testimony from both sides.