PT DSI Enters Fourth Investigation Cluster
The Indonesian National Police's Criminal Investigation Agency (Bareskrim Polri) has officially named PT Dana Syariah Indonesia (DSI) as a corporate suspect in an alleged fraud and embezzlement case affecting thousands of lenders. The determination was made by the Directorate of Special Economic Crimes (Dittipideksus) of Bareskrim Polri on Tuesday (20/10/2026).
With this designation, PT DSI becomes the fourth cluster of the investigation. Investigators expanded criminal liability to the corporate level after previously implicating five individual suspects. The case is estimated to have caused losses of up to Rp2.47 trillion.
Director of Special Economic Crimes at Bareskrim Polri Senior Commander (Kombes Pol) Suhasto stated that the main focus of the probe is not merely adding to the suspect tally. 'We do not measure the success of handling the PT DSI case by how many people we name as suspects. The true metric is the extent to which victims' rights can be restored,' Suhasto said on Tuesday (20/10/2026).
Five Individual Suspects Across Three Clusters
Prior to targeting the corporation, investigators mapped the case into three clusters of individual suspects. The first cluster involves three people: TA as president director, MY as founder as well as former director and shareholder, and ARL as commissioner.
The second cluster involves one suspect, while the third cluster implicates FH, a former senior official at the Financial Services Authority (OJK (Otoritas Jasa Keuangan)) during the 2017–2018 period. Case files for all three clusters have now been declared complete (P21) by public prosecutors, including FH's dossier, which was declared complete on October 15, 2026.
Meanwhile, the fourth cluster targeting PT DSI as a corporation remains under active investigation. Suhasto emphasized that law enforcement will target all parties allegedly involved, including business entities that benefited from the alleged criminal acts.
Scale of Losses: Rp2.47 Trillion Unreturned
The scale of the case is considered massive. According to the examination results from the Financial Services Authority as of September 2025, PT DSI had collected funds from 23,266 lenders totaling an accumulated Rp11.49 trillion since 2018.
As of September 22, 2025, unreturned lender funds were recorded at more than Rp2.47 trillion belonging to 11,151 lenders. Of that amount, approximately Rp1,87 trillion is suspected to have been channeled into various fictitious projects, while only around Rp145 billion actually flowed into real projects.
These findings formed the basis for investigators to trace the flow of lender funds. The Sharia-labeled funding platform experienced defaults, leaving funds from thousands of lenders trapped.
Focus on Recovering Victims' Assets
Sub-directorate II of Dittipideksus Bareskrim has traced assets totaling more than Rp500 billion. These assets are expected to pave the way for recovering the lenders' losses.
'Therefore, our investigation is conducted hand in hand with asset tracing, following wherever the lenders' money went,' Suhasto stated. He stressed that the message is clear: anyone who abuses public trust in the financial sector will be pursued down to their money flows.
With corporate suspect status, PT DSI can now be held criminally liable as a corporate entity. The fourth-cluster investigation is ongoing, and Bareskrim affirmed that asset tracing will continue alongside legal proceedings to maximize loss recovery for the victims.
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