February 4, 2026 | 02:27 pm
TEMPO.CO, Jakarta - The National Police's Criminal Investigation Agency (Bareskrim Polri) is investigating two alleged criminal acts in the securities market involving asset management companies. The two cases are related to allegations of insider trading and dummy trading. "The Bareskrim Polri has been investigating cases of insider trading and dummy trading in the capital market," said Brigadier General Ade Safri Simanjuntak, Director of Special Economic Crimes of the Bareskrim Polri, at the Sudirman Central Business District in South Jakarta on Tuesday, February 3, 2026.
Ade explained that the first case involved allegations of violations committed by PT Narada Asset Management. Investigators discovered allegations of the use of underlying assets in the form of company-controlled stocks. The control was carried out through affiliate networks and nominees. According to Ade, these transaction patterns are suspected to have been deliberately designed to create a false impression of stock prices. "As a result, the prices formed in the market do not reflect the actual fundamental value," he said.
Investigators have requested statements from several capital market experts. One finding indicates a series of interconnected transactions that could affect securities prices and mislead investors who use market prices to make investment decisions.
Ade mentioned that investigators had examined 70 witnesses, including capital market experts. From the investigation results, the investigators named two suspects, namely MAW as the President Commissioner of PT Narada Asset Management and DV as the President Director of PT Narada Asset Management. Additionally, as of October 2025, the investigators have blocked and seized securities sub-accounts valued at Rp207 billion.
The second case is related to allegations of insider trading involving PT Minna Padi Asset Management (MPAM). Investigators suspected that the company conducted stock transactions to be used as underlying assets for mutual fund products through negotiation and regular markets with affiliated stocks.
Ade revealed that ESO, which holds shares in PT MPAM, PT Minna Padi Investama, and PT Sanurhasta Mitra, together with related parties, used their investment manager to profit by buying affiliate shares at low prices and then selling them back to other mutual funds owned by PT MPAM at high prices.
In the case of PT MPAM, investigators have examined 44 witnesses and requested statements from criminal experts and capital market experts. Investigators have named three suspects: DJ as the President Director of PT MPAM, ESO as a shareholder of PT MPAM, PT Minna Padi Investama, and PT Sanurhasta Mitra, and EL, who is ESO's wife.
In addition to naming the suspects, investigators have also blocked 14 securities sub-accounts owned by PT MPAM and its affiliates, including six sub-accounts of mutual funds with total stock assets worth Rp467 billion as of December 15, 2025.
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