Financial regulator OJK and police raid Mirae Asset Sekuritas Indonesia in Rp14.5 trillion investigation

On Wednesday, March 4, 2026, Indonesia’s Financial Services Authority (OJK) and the National Police’s Criminal Investigation Department (Bareskrim) carried out a joint raid at the Jakarta offices of Mirae Asset Sekuritas Indonesia. The raid is part of a sweeping investigation into alleged market manipulation and insider trading, involving a significant amount totaling around Rp14.5 trillion (US$920 million).

The operation, which began at midday at the company’s Treasury Tower premises located in the Sudirman Central Business District (SCBD), saw investigators combing through physical documents and digital evidence well into the afternoon, with boxes of materials being seized.

OJK’s Executive Director of Financial Sector Investigations, Daniel Bolly Hyronimus, disclosed that the primary focus of the raid was to uncover evidence of “wash trading.” This deceptive practice involves investors partaking in orchestrated transactions where they purchase and sell the same securities repetitively to generate false trading activity. This serves to create an illusion of deep market liquidity and may artificially inflate the value of the securities in question.

Not the first instance

This is not the first time that the Financial Services Authority has been involved in cracking down on alleged financial misconduct. Over the past years, Indonesia’s financial sector has seen several high-profile cases of similar market manipulation and insider trading schemes being investigated and prosecuted.

Such instances not only undermine investor confidence in the integrity of the market but also pose significant risks to financial stability and the overall economy. Issues like these have led regulatory bodies to adopt a vigilant approach in monitoring and prosecuting any illegal activities that compromise the fairness and transparency of financial markets.

The aftermath of the raid

Following the raid, Mirae Asset Sekuritas Indonesia has come under heightened scrutiny and public attention. The firm’s reputation, along with the credibility of its financial services, risks being severely tarnished due to the alleged involvement in illicit practices. The authorities are now tasked with meticulously examining the evidence collected during the operation to substantiate the claims of market manipulation and insider trading against the company.

Authorities emphasize that maintaining the credibility and robustness of Indonesia’s financial markets is imperative to attract domestic and foreign investments, drive economic growth, and ensure the country’s standing in the global financial landscape. The swift and decisive action taken by OJK and the National Police underscores their commitment to upholding the integrity and transparency of the financial sector, thereby safeguarding the interests of investors and the public at large.