<![CDATA[This study examines the juridical analysis of embezzlement involving SPBN development funds in Indonesia, where investment disputes frequently raise uncertainty regarding the boundary between civil liability and criminal responsibility. The study addresses how embezzlement should be legally qualified, what legal remedies are available, and how victims receive legal protection. It employs normative doctrinal legal research with qualitative analysis using statute, conceptual, and case approaches. Primary, secondary, and tertiary legal materials were analyzed through grammatical, systematic, and teleological interpretation. The findings show that criminal liability arises only when all elements under Article 372 of the Indonesian Criminal Code are fulfilled, particularly intentional unlawful appropriation of lawfully entrusted funds. Disputes involving mere contractual nonperformance remain subject to civil law. Victims may pursue criminal prosecution or civil remedies depending on the legal character of the dispute, while effective protection requires recovery of misappropriated funds alongside offender punishment. Consistent legal interpretation, comprehensive documentation, transparent fund governance, and institutional guidelines improve legal certainty and law enforcement effectiveness. The study concludes that integrating legal certainty, criminal liability, legal protection, and justice strengthen investor protection in SPBN development. Future research should incorporate empirical evidence from judicial practice and stakeholder perspectives across diverse jurisdictions.]]>
