Indonesia's Financial Services Authority (OJK) has uncovered eight violations by PT Dana Syariah Indonesia (DSI), resulting in Rp1.4 trillion losses for thousands of lenders. The case involves indications of fraud and has been reported to police and the Financial Transaction Reports and Analysis Center (PPATK). Lenders are demanding full repayment through their association.
On January 15, 2026, during a working meeting of DPR RI's Commission III in Jakarta, OJK's Head of Executive Supervision for PVML, Agusman, revealed eight violations committed by DSI. These findings emerged from field examinations completed days earlier. "Essentially, we found indications of fraud or criminal acts. Therefore, on October 15, we reported this issue to Bareskrim," Agusman stated.
The violations include using real borrower data for fictitious projects to secure new funds, publishing false information on the website to raise money, using affiliated lenders to attract others, receiving funds via vehicle company accounts, channeling to affiliates, misusing unallocated lender funds for other obligations like Ponzi schemes, settling bad loans, and false reporting.
OJK promptly imposed business restrictions on October 15, 2025, to prevent new victims, including bans on asset transfers without permission and requirements for cooperation. Meanwhile, DSI Lenders' Association Chairman Ahmad Pitoyo reported that 4,898 members suffered Rp1.408 trillion losses from a total obligation of Rp1.47 trillion for 14,098 lenders.
On October 28, 2025, OJK facilitated a meeting between lenders and DSI, agreeing to repay 100% of funds within a year. However, on December 8, 2025, only 0.2% was realized. DSI claimed Rp450 billion in assets on December 27, 2025, but lenders found the actual value lower, such as a building worth Rp45-50 billion. PPATK blocked 33 affiliated accounts holding Rp4 billion. OJK promises to oversee the case to resolution, while lenders are holding off on their police report after DSI was accused of filing a false one.
