January 31, 2026 | 02:19 pm
TEMPO.CO, Jakarta - Indonesia’s National Police are investigating suspected market manipulation following a sharp sell-off that sent the Indonesia Stock Exchange Composite Index (IHSG) plunging on Thursday, January 29, 2026.
Brig. Gen. Ade Safri Simanjuntak, Director of Special Economic Crimes at the Criminal Investigation Department (Bareskrim), confirmed that authorities are probing several alleged capital market offenses.
“There are a number of cases related to capital market crimes, including alleged market manipulation, currently being handled by our Economic and Special Crimes Directorate,” he said on Saturday, January 31, 2026.
Ade said the cases are at different stages, ranging from preliminary inquiries and full investigations to the expansion of probes into cases that have already obtained final and binding court rulings.
One completed case involved Junaedi, a director of PT Multi Makmur Lemindo, and Mugi Bayu Pratama, an employee of the Indonesia Stock Exchange.
The two were tried under separate case files and found guilty of violating Article 104 in conjunction with Article 90(c) of Law No. 8/1995 on Capital Markets, along with Article 55(1) of the Criminal Code.
Based on rulings issued by the South Jakarta District Court in 2025, both defendants were sentenced to one year and four months in prison and fined Rp2 billion each.
Ade said investigators are continuing to develop the case to uncover its full scope, while also pursuing other ongoing capital market investigations.
The police probe comes amid heightened scrutiny of Indonesia’s stock market following steep losses late last week. On January 29, the IHSG tumbled as much as 8 percent to 7,481.9 by the close of trading, after falling sharply a day earlier from 8,980.2 to 8,320.5.
The Indonesia Stock Exchange was forced to halt trading just 25 minutes into the opening session due to the abrupt decline.
Earlier that day, Coordinating Minister for Economic Affairs Airlangga Hartarto convened a high-level meeting with senior officials, including Financial Services Authority (OJK) Chair Mahendra Siregar, Finance Minister Purbaya Yudhi Sadewa, Investment Minister and Danantara CEO Rosan Perkasa Roeslani, Cabinet Secretary Teddy Indra Wijaya, and State Secretary Prasetyo Hadi.
Among the issues discussed was the deteriorating condition of the domestic capital market following a recent report by MSCI, which flagged concerns over alleged stock manipulation and limited transparency in free-float share ownership.
After the meeting, Airlangga said the market turmoil should serve as a catalyst for reform. “This momentum should be used to improve capital market regulations,” he said, adding that the government has entrusted the Financial Services Authority with leading the reform effort.
Hammam Izzuddin and Adil Al Hasan contributed to the writing of this article.
Read: IDX Chief's Resignation Is a 'Buy-the-Dip' Moment for Investors, Says Purbaya
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