Indonesian Police Investigate Two Cases of Insider Trading

The National Police’s Criminal Investigation Agency (Bareskrim Polri) has launched investigations into two possible illegal activities in the securities market that involve asset management companies. These cases are centered around suspicions of insider trading and dummy trading. Brigadier General Ade Safri Simanjuntak, Director of Special Economic Crimes of the Bareskrim Polri, announced these developments at the Sudirman Central Business District in South Jakarta on Tuesday, February 3, 2026.

The first case involves PT Narada Asset Management, in which investigators uncovered potential violations related to the utilization of company-controlled stocks as underlying assets. These stocks were controlled through networks of affiliates and nominees, with transaction patterns that appeared designed to inaccurately influence stock prices. This manipulation resulted in market prices that did not align with the actual fundamental value of the stocks. Consultation with capital market experts has revealed a series of linked transactions that could distort securities prices and mislead investors.

Following the investigation, two suspects have been identified in this case: MAW, the President Commissioner of PT Narada Asset Management, and DV, the President Director of PT Narada Asset Management. A substantial amount of Rp207 billion worth of securities sub-accounts has been blocked and seized as of October 2025. The second case pertains to potential insider trading involving PT Minna Padi Asset Management (MPAM). Investigators suspect that PT MPAM engaged in stock transactions to support mutual fund products using affiliated stocks traded through regular markets and negotiations.

Further investigation into this case has revealed that ESO, a shareholder in PT MPAM along with related parties, used an investment manager to profit by purchasing affiliate shares at low prices and reselling them to other mutual funds owned by PT MPAM at inflated prices. Three suspects have been identified in this case: DJ, the President Director of PT MPAM, ESO as a PT MPAM shareholder, along with two other entities, and EL, ESO’s spouse. Investigators have taken action by blocking 14 securities sub-accounts linked to PT MPAM and its affiliates, inclusive of six mutual funds sub-accounts holding total stock assets valued at Rp467 billion as of December 15, 2025.

These investigations highlight the police’s commitment to upholding fairness and integrity within the capital market, ensuring that illegal activities are identified and addressed. The findings serve as a reminder to stakeholders and investors in the market to prioritize compliance and transparency in all dealings, thus maintaining the credibility and reliability of the securities market.