INDONESIA: The Indonesian National Police (INP) has detained Fitri Hadi, a former Otoritas Jasa Keuangan, or Financial Services Authority executive and the founder of Dana Syariah Indonesia, a Shariah financing platform, as the fifth suspect in an alleged IDR2.4 trillion (US$147 million) fraud, embezzlement and money laundering case involving the Shariah financing platform, reported local media.
Authorities allege DSI operated a Ponzi scheme disguised as Shariah compliant financing, with 99 of its 100 investment projects found to be fictitious, affecting around 15,000 investors. Asset recovery efforts have so far resulted in the seizure of around IDR320 billion (US$17.9 million) in assets.
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