Funds of Bogus BLN Cooperative Used to Buy Crypto and for the Suspect's Family Needs

Director of Analysis and Examination II at PPATK, M Shalehudin Akbar, said that the cash flows into BLN flowed through several transaction channels. Some were withdrawn in cash, while others were used to buy crypto assets.

“There were funds flowing into accounts of affiliated companies, some were withdrawn in cash. It was also disclosed by colleagues from the Police that crypto asset purchases have been revealed,” Akbar said at a press conference of the Central Java Police (Jateng) in Semarang, quoted by detikJateng on Thursday (22/5/2026).

“There were also funds flowing to employees and we also found flows to family members, including crypto purchases as well,” he added.

Akbar continued that the model used by the BLN Cooperative to deceive its customers included a Ponzi scheme. Because no banking institution could offer such alluring interest rates as BLN promised.

“If you look at the transactions, there is actually no business activity that could sustain such a high return. We can see there is no such business,” Akbar said.

“So indeed this is a Ponzi scheme, and the returns to investors that began were sourced from the last investors. It just kept rolling,” he added.

Previously, the Director of Special Criminal Investigation of Central Java Police, Kombes Djoko Julianto, explained there are two BLN leaders named as suspects. They are the boss or Chairman of the BLN Cooperative for the 2018-2025 period, NNP (54), and the Head of BLN Salatiga Branch D (55).

They offered several deposit products to the public. There are five types of products offered.

“Deposit products include Simpanan Pintar Bayar (Sipintar), namely saving once, and then each month you will receive a profit of 4.17 percent,” Djoko said at the Mako Ditreskrimsus Polda Jateng, Banyumanik, Semarang, on Thursday.

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