ASIATODAY.ID, JAKARTA — Indonesia’s Financial Services Authority (OJK) has officially handed over suspects in a capital market crime case involving PT Sriwahana Adityakarta Tbk (SWAT) to public prosecutors, uncovering an alleged large-scale stock price manipulation scheme worth hundreds of billions of rupiah.
Following the completion of its investigation, OJK concluded that between June and July 2018, the suspects colluded to conduct misleading and fictitious stock transactions in SWAT shares.
The scheme allegedly used nominee securities accounts across nine brokerage firms to create an artificial picture of supply, demand, and price movement in the regular market.
Investigators found the manipulation was carried out on a massive scale. The fictitious trades resulted in 60,121 matched transactions, accounting for around 10% of total market transactions, with a trading volume of 639.78 million shares (14.7%) and a total transaction value of IDR 230.89 billion (approximately USD 14.7 million).
According to OJK, the trading pattern showed clear indicators of market manipulation, including transaction domination, pre-arranged matched trades, aggressive buy initiation to push prices higher, and a buying market impact strategy during the period from June 8 to July 5, 2018.
Based on these findings, OJK determined that the suspects violated Articles 91 and/or 92 in conjunction with Article 104 of Indonesia’s Capital Market Law No. 8 of 1995. The charges carry a maximum penalty of 10 years’ imprisonment and fines of up to Rp15 billion.
The case file has been declared complete (P-21 status).
On Tuesday, January 13, 2026, OJK investigators formally transferred the suspects and evidence to the Boyolali District Prosecutor’s Office as part of the second phase of prosecution.
OJK emphasized that the case reflects its zero-tolerance stance on capital market crimes and its commitment to safeguarding market integrity.
The authority confirmed close coordination with prosecutors and law enforcement agencies to ensure the legal process remains professional, transparent, and accountable.
“Firm and consistent enforcement against market manipulation is essential to protecting investors and maintaining confidence in Indonesia’s capital markets,” OJK said in a statement. (AT Network)
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