Bank Director in Depok Charged with Embezzling Deposits and Fabricating Fictitious Loans Worth Billions
Indonesia’s Financial Services Authority (OJK) has completed its investigation into alleged banking crimes at PT Bank Perkreditan Rakyat (BPR) Panca Dana, located in Ruko Depok Mas, Depok City, West Java. The OJK has named three suspects: AK, the former Chief Executive; MM, a Customer Service officer; and VAS, Head of Operations. Case files have been submitted to prosecutors and declared complete as of 21 February 2026.
On Monday, 23 February 2026, OJK investigators handed over the suspects and evidence to prosecutors at the Depok State Prosecutor’s Office.
Modus Operandi
The investigation identified two fraud schemes. First, between October 2018 and May 2024, suspects AK, VAS, and MM allegedly deliberately caused false recordings in bank books and documents by withdrawing 96 deposit certificates held by 35 depositors without their knowledge, totalling Rp14,024,517,848. The funds were allegedly used for personal purposes, paying interest on unauthorised deposit withdrawals, and replacing previously misappropriated deposits.
Second, between May 2020 and May 2024, suspect AK as Chief Executive allegedly initiated, ordered, and approved the issuance of fictitious credit to 660 borrowing facilities across 646 debtors. The outstanding balance as of August 2024 reached Rp32,430,827,831. The credit provision violated applicable regulations and was allegedly intended to maintain the bank’s non-performing loan ratio, with some funds diverted for personal benefit of the suspects and others.
Criminal Penalty
The suspects are charged under Article 49(1)(a) and/or (c) of Law Number 4 of 2023 regarding Development and Strengthening of the Financial Sector, amending Law Number 7 of 1992 on Banking, read together with Article 20(c) and Article 127(1) of the Criminal Code. The suspects face maximum sentences of 15 years imprisonment and fines of up to Rp5 billion.
In this matter, OJK investigators have seized alleged proceeds of crime, including land and buildings in Sawangan, Depok City, one motor vehicle, jewellery, and other evidence.
The OJK emphasised that law enforcement proceedings do not disrupt the bank’s operational activities, and the bank has cooperated with investigators. Enforcement action against management and employees is intended to maintain banking industry integrity and protect public interest and confidence in the financial services sector. The OJK continues to coordinate and cooperate with law enforcement agencies, including police and prosecutors, and commits to sustained, firm, and consistent enforcement.