Inp.polri.go.id - Jakarta. The Indonesian National Police (INP) Criminal Investigation Agency’s Special Economic Crimes Directorate launched an investigation Friday (30/1/2026) into suspected stock market manipulation following a sharp decline in the Jakarta Composite Index (IHSG). 

Authorities are tracking "pump-and-dump" schemes, locally known as saham gorengan, which exacerbated recent market volatility and triggered widespread panic selling across the exchange.

"We are certainly investigating; our detectives are currently conducting inquiries and criminal investigations into several similar cases of market misconduct," Brigadier General Ade Safri Simanjuntak said, as cited by antaranews.com. 

The probe follows an MSCI report highlighting transparency issues and low free-float levels, which Minister of Finance Purbaya Yudhi Sadewa noted may have exposed illicit price manipulation. 

Police recently secured convictions against former exchange officials and corporate directors for similar capital market crimes, resulting in prison sentences and multi-billion rupiah fines. As the index begins a fragile recovery, police are coordinating with financial regulators to identify specific actors who exploited the downturn to illegally influence stock prices.

(mg/inp/pr/rs)