Inp.polri.go.id - Jakarta. The Indonesian National Police (INP)’s Special Economic Crimes Directorate has named three suspects in a major capital market fraud investigation involving PT Minna Padi Aset Manajemen (MPAM). 

The suspects include the President Director of the company, identified as DJ; a major shareholder of the firm and its affiliates, ESO; and ESO’s wife, EL.

Brigadier General Ade Safri Simanjuntak, the Director of the Special Economic Crimes, revealed on Tuesday (3/2/2026) that the suspects allegedly manipulated mutual fund products by using the company as a vehicle to trade stocks between affiliated accounts. 

The scheme involved buying stocks from affiliated parties at low prices using mutual fund assets and subsequently selling them to other PT Minna Padi Set Management mutual funds at inflated prices to reap illicit profits.

"Suspect ESO and his associates utilized their investment manager, PT MPAM, to take advantage by purchasing affiliated stocks,  then reselling them to other PT MPAM mutual funds at a much higher price," Ade explained.

To date, investigators have questioned 44 witnesses and experts. As part of the enforcement action, the police have frozen 14 securities sub-accounts belonging to the company and its affiliates. 

Six of these accounts, specifically linked to mutual fund products, hold assets valued at approximately Rp 467 billion as of December 2025.

(mg/inp/pr/rs)