Indonesia's Criminal Investigation Agency has named five individuals as suspects in two alleged capital market crime cases involving PT Minna Padi Asset Management and PT Narada Asset Management. The cases involve collusion in stock trading and insider trading that harm investors. Investigators have examined dozens of witnesses and frozen assets worth hundreds of billions of rupiah.
On Tuesday, February 3, 2026, the Director of Special Economic Crimes at Indonesia's Criminal Investigation Agency, Brigadier General Police Ade Safri Simanjuntak, announced the naming of suspects in two separate capital market violation cases.
In the first case involving PT Minna Padi Asset Management (MPAM), three individuals were named as suspects: DJ as President Director of PT MPAM, ESO as shareholder of PT MPAM, and EL as ESO's wife. "There are three suspects who have been designated in the investigation of the aforementioned case," said Ade Safri. The case concerns alleged collusion in stock transactions where certain stocks were used as underlying assets for mutual funds, but the counterparty transactions came from internal company accounts, including those of ESO and his sibling ESI. ESO also holds shares in PT Minna Padi Investama and PT Sanurhasta Mitra, while ESI in affiliated companies. These transactions were allegedly exploited for profit by selling back to PT MPAM's mutual funds at high prices. "Which were then sold back to other PT MPAM mutual funds at quite high prices," Ade Safri stated. Investigators examined 44 witnesses, including experts, and blocked dozens of securities sub-accounts with asset values in the hundreds of billions of rupiah.
In the second case related to PT Narada Asset Management (NAM), two executives became suspects: MAW as Chairman Commissioner of PT NAM and DV as President Director of PT Narada Adikara Indonesia. "Designating two individuals as suspects in the aforementioned case," Ade Safri stated. Allegations include insider trading through internally controlled stock transactions using affiliations and nominees, creating an illusory picture of stock prices. "This transaction pattern is alleged to have been designed to create an illusory picture of stock prices. So the prices formed in the market do not reflect the actual fundamental value," he said. This caused artificial demand, price distortions, and unrealistic perceptions of portfolio performance. "These findings or facts point to indications of market manipulation practices that can create artificial demand. So illusory demand, like that, colleagues. Price distortions, as well as unrealistic portfolio performance perceptions," he added. Investigators examined at least 70 witnesses and experts, blocking and seizing securities sub-accounts worth approximately Rp207 billion. The case has potential for development into money laundering offenses and pump-and-dump schemes.
Both cases demonstrate the Criminal Investigation Agency's firm efforts to eradicate practices harming investors in Indonesia's capital market.
