Mirae Asset Office Raided: BEBS Stock Pump-and-Dump Case, Prices Driven Up by 7,150 Per Cent
JAKARTA — The case of alleged manipulation of BEBS shares enters a new phase. The Financial Services Authority (OJK) investigation team, together with the Indonesian National Police’s Criminal Investigation Agency (Bareskrim Polri), raided the offices of PT Mirae Asset Sekuritas Indonesia (MASI) on Wednesday, 4 March 2026, afternoon. The move strengthens ongoing investigations into capital market violations that have been under way for some time, specifically related to a case in which BEBS shares were allegedly inflated by around 7,150 percent and transactions worth Rp14.5 trillion were involved.
‘Based on the results of our investigations into the company in question, the corporation remains involved. Therefore, the ongoing investigations are being strengthened by seeking additional evidence at PT MASI,’ said Daniel, encountered in the SCBD area in Jakarta, the location of the Mirae Asset Sekuritas Indonesia office raid. He emphasised that investigations into individual suspects are at an advanced stage, while handling of corporate aspects is still ongoing.
They are AS, the beneficial owner of PT BEBS, and M, the former Director of Investment Banking MASI.
‘The two suspects’ files have been completed and have been sent to the prosecutor’s office. We are only waiting for P21,’ Daniel added. He also stressed that the designation of suspects is entirely carried out by OJK, not by Bareskrim.
The suspects are charged under Article 104 in conjunction with Article 90, subs. Article 107 of Law No. 8 of 1995 on the Capital Market, regarding failure to report the affiliated recipient of fixed allotment in an initial public offering (IPO) and the submission of IPO fund-use reports not aligned with actual conditions.
Additionally, OJK investigators found suspected dummy transactions as described in Article 104 in conjunction with Article 91 of the Capital Market Law, involving seven corporate entities and 58 individual nominee entities, executed by six operators under the suspects’ control.
This series of transactions is alleged to have caused BEBS’s share price on the regular market to rise significantly by around 7,150 per cent.