The Financial Services Authority (OJK) along with Bareskrim Polri conducted a raid at PT MASI's office in the SCBD area, South Jakarta, on Wednesday, March 4, 2026. The raid is part of an investigation into alleged criminal acts in the capital market, including IPO manipulation and fictitious transactions. Two suspects have been named in the case spanning 2020 to 2022.
On Wednesday, March 4, 2026, OJK and Bareskrim Polri investigators arrived at PT MASI's office located in District 8 Treasury Tower, Sudirman Central Business District (SCBD), South Jakarta. The raid was conducted as part of law enforcement proceedings over alleged criminal acts in the capital market, according to OJK's press release.
The alleged violations include manipulation of material facts information, breaching Article 104 in conjunction with Article 90 subsidiar Article 107 of Law No. 8 of 1995 on the Capital Market. Specifically, this relates to the failure to report affiliates receiving fixed allotment in the initial public offering (IPO), as well as IPO fund usage reports that do not match actual conditions. Investigators also uncovered alleged fictitious transactions as regulated in Article 104 in conjunction with Article 91 of the same law, involving 7 corporate entities and 58 nominee individuals, executed by six operators under the suspect's control.
The series of transactions allegedly caused PT BEBS's stock price in the regular market to rise by around 7,150 percent. The case occurred from 2020 to 2022 and involves Mr. ASS as the beneficial owner of PT BEBS, Mr. MWK as the former Director of Investment Banking at PT MASI, and the PT MASI corporation, with methods including insider trading, IPO manipulation, and fictitious transactions.
OJK's Executive Director of Financial Sector Investigators, Inspector General Daniel Bolly Hyronimus Tifaona, stated, "We from OJK and Bareskrim Polri are conducting an investigation activity, namely a raid. The raid at PT MA." He added that insider trading practices and fictitious trading are not allowed in the capital market.
In the investigation process, OJK has examined 25 witnesses from PT MASI, PT BEBS, banking parties, nominees, and other related parties. Two suspects, namely Mr. AS and Mr. M, have been designated, and the case is in the resolution process. OJK emphasized that this action is to maintain the integrity, transparency, and public trust in Indonesia's capital market industry. OJK also coordinates with the District Court and the Polri Bareskrim PPNS Supervisory Coordinator.
Several investigators were seen leaving the building carrying several boxes and one suitcase, presumed to be evidence.
