First Hearing of DSI Case: Prosecutors Reveal Alleged Fictitious Project Scheme
The first hearing of the alleged criminal case involving PT Dana Syariah Indonesia (DSI) was held at the Depok District Court on Wednesday (22/7/2026), with the agenda of reading the indictment. In the indictment, the public prosecutor revealed the alleged modus operandi used by the defendants to collect public funds through fictitious projects and an internal lender scheme. The prosecutor stated that the alleged scheme was carried out to overcome the company’s cash shortfall while attracting larger funding from the public.
“In overcoming the cash shortfall and to raise funding more massively, the founders then agreed to raise lender funds using a fictitious project financing scheme,” the prosecutor said while reading the indictment.
The indictment explained that an internal company owned by the defendant, PT Multiguna Cipta Mandiri, was allegedly positioned as if it were a borrower in need of financing. In fact, the company reportedly did not require funding. Some of the projects used in the scheme included the Savana Project in Cirende, Tangerang Regency, the Kanaka Project in Krukut, Depok, and the Kiral Project in South Tangerang.
The prosecutor also revealed that the defendants allegedly created an internal lender scenario by giving employees, directors, and affiliated parties of PT DSI access to act as if they were fund providers. According to the indictment, this was done to make the offered projects appear in demand, thereby encouraging the public to place funds on the PT DSI platform.
Furthermore, the prosecutor detailed that during the period from 2018 to 2025, PT DSI collected lender funds amounting to Rp 5.26 trillion. These funds originated from 343 real project financing contracts involving 259 borrowers, as well as thousands of fictitious projects recorded in the company’s system. From the investigation, 90 real projects were allegedly re-offered using different project numbers, creating 5,523 fictitious projects.
The prosecutor also stated that the profit payments to lenders did not entirely come from the returns on real project financing. The indictment alleges that some payments were made using funds from new lenders. As a result, 14,411 lenders have reportedly not received their returns, with an outstanding value of approximately Rp 1.39 trillion.
Following the reading of the indictment, defendant Taufiq Aljufri stated he would not file an exception. Meanwhile, the legal counsel for defendants Mery Yuniarni and Arie Rizal Lesmana requested a week to prepare a response as they had not yet received a copy of the indictment. The panel of judges subsequently adjourned the trial until Wednesday (29/7/2026).