Two People Named as Suspects in BEBS Stock 'Gorengan' Scandal at Mirae Asset Sekuritas; OJK Also Freezes Rp14.5 Trillion!
Jakarta — The BEBS stock scandal, linked to alleged ‘gorengan’ practices, has entered a new phase. Following searches in the SCBD area, the Financial Services Authority (OJK) has formally named two suspects in the case that caused the issuer’s share price to rocket by thousands of percent.
Two individuals are now named as suspects: ASS, the BEBS beneficial owner, and MWK, the former Director of Investment Banking at PT Mirae Asset Sekuritas Indonesia (MASI). Not only individuals, but the corporate entity PT MASI is also pulled into the case.
Executive Director of Investigations in the Financial Services Sector at OJK, Inspector General Daniel Bolly Hyronimus Tifaona, confirmed the legal status of the two has been elevated.
“The suspects we have interviewed and whose status has been upgraded are Saudara AS and Saudara MWK. They are now in the process of case resolution,” he said on Wednesday, March 4, 2026.
The case stems from BEBS’s initial public offering (IPO). Investigators found indications of manipulation in stock allocation and misreporting of funds raised from the IPO.
Moreover, OJK uncovered indications of dummy trading. At least seven corporate entities and 58 individual nominees are suspected to be involved in a trading pattern deemed irregular. The activities occurred between 2020 and 2022.
“That is, purchases based on information from insiders. In the capital market this is not allowed. Then engaging in dummy trades is also prohibited. There must be fairness,” he added.
The impact has been extraordinary. BEBS shares reportedly rose as much as 7,150 per cent in the regular market. The total value of transactions reached Rp14.5 trillion.
That amount can no longer move freely. OJK has frozen about 2 billion shares valued at around Rp14.4 trillion.
“The total value is Rp14.5 trillion. The 14.5 trillion comes from the shares we have frozen; that equates to around 2 billion shares at roughly Rp7,000 each, totaling about Rp14.4 trillion. We have frozen them; trading is not allowed,” he said.
Regarding the alleged violations, ASS and MWK face Article 104 in conjunction with Article 90, supplemented by Article 107 of Law No. 8 of 1995 on the Capital Market.