Kresna Life Boss Arrested, OJK Demands Compensation for Thousands of Policyholders

Jakarta – A new chapter in the Kresna Life case has begun after the owner of the Kresna Life group, Michael Steven, was successfully returned to Indonesia following his arrest in Morocco. The fugitive, who was on Interpol’s Red Notice list, must now face legal proceedings over alleged capital market crimes, fraud, embezzlement, and money laundering (TPPU). Michael Steven’s return has drawn significant attention, given that the case against him has been ongoing for quite some time and has caused substantial losses for investors and policyholders. The Financial Services Authority (OJK) has also spoken out after the suspect was brought back to the country. The OJK hopes the ongoing legal process will be accompanied by the fulfilment of the rights of Kresna Life policyholders who have been waiting for certainty. Ogi Prastomiyono, Chief Executive of Insurance, Guarantee, and Pension Fund Supervision at the OJK, stated that his agency is still entrusting the handling of the case to law enforcement officials. Nevertheless, the OJK hopes Michael Steven will fulfil his obligations to the Kresna Life customers affected by the case. “We hope MS fulfils his obligation to pay compensation to Kresna Life policyholders,” Ogi Prastomiyono said on Tuesday. The statement signals that the resolution of the legal issues is expected to proceed in tandem with efforts to restore the rights of the affected policyholders. Michael Steven was previously arrested by Moroccan police on 12 March 2026. The arrest was made at the request of the Indonesian NCB Interpol after he was placed on the international wanted list, or Interpol Red Notice. The successful repatriation of Michael Steven to Indonesia was the result of cooperation between several agencies, including the International Relations Division of the Indonesian National Police, the Ministry of Law, the Ministry of Foreign Affairs, the State Intelligence Agency, and the authorities of the Kingdom of Morocco. Brigadier General Pol Untung Widyatmoko, Secretary of NCB Interpol Indonesia at the Police International Relations Division, explained that the extradition process proceeded after the Moroccan government approved Indonesia’s request. The extradition approval was granted on 12 June 2026. Subsequently, the handover process for the suspect was conducted in Morocco on 20 June 2026 before Michael Steven was flown to Indonesia.