OJK Names Two Suspects in Alleged Pump-and-Dump BEBS Stock Case Worth Rp14.5 Trillion

JAKARTA, KOMPAS.COM - The Financial Services Authority (OJK) has named two suspects in a case of alleged criminal wrongdoing in the capital markets that involves PT Mirae Asset Sekuritas Indonesia (MASI) and PT Berkah Beton Sadaya Tbk (BEBS).

Head of the OJK Department of Literacy, Financial Inclusion and Communications, M. Ismail Riyadi, said the two suspects believed to be involved are the owner of BEBS, initials ASS, and the former Director of Investment Banking at MASI, initials MWK.

The two suspects are suspected of committing capital market crimes with modus operandi including insider trading, manipulation of initial public offerings (IPO), and sham transactions.

“The alleged capital market offences occurred in the period 2020 to 2022,” he said in a written statement on Wednesday (4 March 2026).

The violation types include manipulation of material facts by not reporting the affiliated party receiving fixed allotment in the IPO, and the submission of IPO fund usage reports that did not reflect actual conditions.

“The alleged manipulation of information and reports is believed to involve the securities sector,” Ismail said.

In addition to the alleged manipulation of material information, OJK investigators also found indications of sham transactions as regulated under Article 104 in conjunction with Article 91 of the Capital Market Law.

The transactions were believed to involve seven corporate entities and 58 individual nominee entities executed by six operators under the suspects’ control.

The chain of related-party transactions is believed to have caused BEBS shares on the regular market to rise significantly, by around 7,150 percent.

“The series of transactions between related parties is believed to have caused BEBS’s price on the regular market to rise significantly by around 7,150 percent,” he said.

To collect evidence, the OJK Investigation Team raided the offices of PT MASI in the Sudirman Central Business District, Jakarta, on Wednesday afternoon.

Moreover, during the handling of the case, OJK investigators have questioned 25 witnesses from MASI, BEBS, the banking sector, nominees, and other related parties.