Dana Syariah Indonesia lost Rp 1.2 trillion in Ponzi-like fintech fraud

PT Dana Syariah Indonesia (DSI) was an Islamic peer-to-peer lending fintech that raised Rp 7.478 trillion ($460 million) from individual lenders between 2021 and 2025. It promised Sharia-compliant returns by channeling funds to productive business projects. At its peak, it had over 14,000 registered lenders and was regulated by the OJK, Indonesia's Financial Services Authority.

The fraud operated as a Ponzi scheme: DSI created fictitious projects using borrowers whose names were used without their knowledge. Lender funds were diverted to companies affiliated with DSI's management and shareholders instead of being channeled to real borrowers. Returns to earlier lenders were paid using new lender deposits rather than actual project profits. By October 2025, DSI stopped all withdrawals and returns, and its office was closed and put up for sale.

OJK froze DSI's operations on October 15, 2025, citing consumer complaints about delayed fund returns. Bareskrim Polri and PPATK investigated, finding indications of fraud and money laundering. Approximately Rp 1.2 trillion ($74 million) in lender funds remained unaccounted for. DSI founder Taufiq Aljufri was named as a suspect. The case became one of Indonesia's largest fintech frauds, exposing gaps in P2P lending oversight.