Abstract
Indonesia is currently experiencing a surge of investments, which is resulting in both positive and negative outcomes. Supported by increasingly fast technology, “investment” activists are even more enthusiastic about continuing to develop their investments. Recently, investment activists have faced various forms of fraudulent investment with Ponzi schemes. This study aims to determine criminal liability in investing in Ponzi schemes in Indonesia and the protection measures that can be provided for victims. Using normative legal research methods, it was found that fraudulent Ponzi scheme investors in Indonesia can be charged with Article 378 of the Criminal Code. And, because they do not have a permit, fraudulent investments can be subject to Article 103 of Law Number 8 of 1995 concerning Capital Markets, related to investment victims, falsifying a Ponzi scheme in an application because it uses electronic media can be subject to Article 28 paragraph 1 of Law Number 11 of 2008 concerning information and electronic transactions, which has been amended by Law Number 19 of 2016 concerning Amendments to Law Number 11 of 2008 concerning information and electronic transactions.
 Keywords: investment fraud, Ponzi scheme, criminal liability
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