<![CDATA[The rapid expansion of digital financial transactions has significantly increased the prevalence of online investment fraud, including fraudulent online arisan schemes that exploit public trust through promises of unrealistic returns. Despite the enactment of Indonesia's new Criminal Code, challenges remain regarding the legal interpretation and judicial application of fraud provisions in technology-based financial crimes. This study aims to analyze the modus operandi of online arisan investment fraud, evaluate the effectiveness of positive criminal law in protecting victims, and examine the legal reasoning employed by judges in Decision Number 47/Pid.B/2025/PN.Cbn. This research employed a qualitative normative juridical approach using a case study design. Primary legal materials consisted of court decisions, the Indonesian Criminal Code, Law Number 1 of 2023 concerning the Criminal Code, and relevant statutory regulations, while secondary materials included scholarly journals, legal doctrines, books, and official publications. Data were collected through document analysis and literature review, and analyzed using statutory, case, and conceptual approaches supported by qualitative thematic analysis. The findings demonstrate that the defendant intentionally employed deception, false promises, and misleading investment offers to unlawfully obtain financial gain from multiple victims. The court concluded that all legal elements of fraud under Article 378 of the Criminal Code had been satisfied, resulting in a conviction supported by comprehensive judicial reasoning grounded in the principles of legal certainty, justice, and evidentiary standards. The study concludes that judicial reasoning plays a crucial role in ensuring effective law enforcement against online investment fraud, while reinforcing legal certainty and strengthening victim protection within Indonesia's evolving digital legal environment.]]>
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