ASIATODAY.ID, JAKARTA — Indonesia’s financial watchdog has issued a stark warning to investors and market participants after concluding two major criminal investigations involving illegal fundraising schemes and stock market manipulation, underscoring the growing threat of financial crime in the country’s financial system.
The Financial Services Authority (OJK) confirmed that multiple suspects have been formally handed over to prosecutors, signaling a tougher and more assertive law-enforcement stance to protect investors and safeguard market integrity.
Illegal Fundraising Case: Fixed Returns, Real Losses
On January 22, 2026, OJK investigators transferred two suspects, identified as AAG and APP, former executives of PT Investree Radhika Jaya (IRJ), to the South Jakarta District Prosecutor’s Office after the case file was declared complete (P-21).
The alleged crimes occurred between 2017 and 2023, involving the collection of public funds without proper authorization, accompanied by promises of fixed monthly returns—a classic red flag in investment fraud cases.
Authorities warned that such practices not only expose investors to severe losses but also undermine confidence in the financial sector.
Both suspects are charged under Article 237(a) of Law No. 4/2023 on the Development and Strengthening of the Financial Sector (P2SK Law), which carries penalties of five to ten years in prison and fines ranging from IDR 1 billion to IDR 1 trillion.
The investigation extended beyond Indonesia’s borders. During the inquiry, the suspects were found to be residing in Doha, Qatar, and were initially uncooperative.
OJK coordinated closely with the Indonesian National Police, Interpol, and relevant ministries, resulting in the issuance of Wanted Person notices and an Interpol Red Notice in November 2024.
Through diplomatic and law-enforcement cooperation involving the Ministry of Foreign Affairs, Ministry of Law, and the Indonesian Embassy in Qatar, the suspects were successfully repatriated to Indonesia on September 26, 2025, and placed in custody at the National Police detention facility for further legal proceedings.
Stock Market Manipulation: Creating a False Market
In a separate case, OJK also concluded its investigation into market manipulation involving shares of PT Sriwahana Adityakarta Tbk (SWAT), dating back to June–July 2018.
Investigators found that the suspects allegedly colluded to execute misleading and fictitious transactions by using nominee securities accounts across nine brokerage firms, artificially inflating trading activity and share prices in the regular market.
According to OJK’s findings, the scheme generated:
– 60,121 matched transactions (around 10% of total trades),
– 639.7 million shares traded (14.7% of volume),
– Transaction value of IDR 230.89 billion (approximately 13.3%).
The trading patterns included transaction dominance, buy-initiated price escalation, and buying market impact strategies, all aimed at misleading investors and manipulating price discovery.
The suspects are charged under Articles 91 and/or 92 in conjunction with Article 104 of Law No. 8/1995 on Capital Markets, which provides for up to 10 years’ imprisonment and fines of up to IDR 15 billion. The suspects and evidence were handed over to the Boyolali District Prosecutor’s Office on January 13, 2026.
A Warning Signal for Investors and the Market
OJK emphasized that these cases demonstrate how financial crimes are evolving, exploiting both digital investment platforms and structural vulnerabilities in capital markets. The authority reaffirmed its commitment to strict, consistent, and sustained enforcement to maintain financial stability and protect investors.
The regulator also acknowledged strong inter-agency cooperation involving the National Police, Attorney General’s Office, Financial Transaction Reports and Analysis Center (PPATK), and multiple ministries—highlighting the importance of coordinated action in combating complex financial crimes.
For investors, the message is clear: promises of guaranteed returns and unusual trading patterns should be treated with caution.
For market participants: regulatory violations will carry serious legal consequences.
As Indonesia deepens its financial markets, authorities warn that vigilance—by regulators, investors, and institutions alike—will be critical to preventing financial crime from undermining economic trust and stability. (ATN)
Follow Us at Google News and WA Channel