OJK Investigates 32 Capital Market Violation Cases Involving Corporations and Influencers

The Financial Services Authority (OJK) is conducting examinations into 32 capital market cases involving corporate entities, individuals, and social media influencers.

Acting Chief Executive of Capital Market, Derivative Finance, and Carbon Exchange Supervision at OJK, Hasan Fawzi, stated that the 32 cases under examination encompass various alleged serious violations, including the dissemination of false information or outright fraud, artificial price creation or irregular trading, and market price manipulation.

“The total number of cases still under examination stands at 32,” said Hasan Fawzi when speaking to the media at Bank Indonesia’s headquarters in Jakarta on Monday, 23 February 2026.

He affirmed that all cases must be thoroughly investigated to establish possible violations of the Capital Markets Act and the Financial Sector Development and Strengthening Act (P2SK).

Hasan further explained that the construction of cases generally begins with identifying abnormal price movements. The authority then traces all parties who conducted buy and sell transactions that contributed to such price formation. From this process, OJK reconstructs the connection between trading activity and parties initially suspected of committing violations.

Hasan emphasised that the process requires time as it involves in-depth examinations and transaction data comparison. Where sufficient evidence is established, OJK has the authority to impose administrative or non-criminal sanctions.

Additionally, where elements of criminal conduct are identified, cases may be escalated to the investigation stage. In such instances, the investigation process will follow applicable procedures, potentially leading to the transfer of case files to the prosecution service for further legal proceedings.

“Criminal matters will be handled by another department within OJK that conducts investigations and prepares case files, should criminal violation elements be proven. Only then would we transfer the case to the prosecution service,” Hasan explained.

According to Hasan, OJK is also finalising an OJK Regulation (POJK) specifically governing parties who disseminate information, including influencers. The regulation will apply not only to the capital market sector but also to other financial services sectors, including crypto assets and digital finance.