Inp.polri.go.id - Jakarta. The Criminal Investigation Agency of the Indonesian National Police  (INP) raided the headquarters of PT Shinhan Sekuritas Indonesia in South Jakarta on Tuesday (3/2/2026). 

The operation was part of a deepening investigation into capital market crimes and money laundering linked to the fraudulent Initial Public Offering (IPO) of PT Multi Makmur Lemindo (PIPA).

Investigators arrived at the scene at 4.33 pm, carrying forensic equipment and evidence boxes labeled "Capital Market and Money Laundering Crimes." 

Brigadier General Ade Safri Simanjuntak, the Director of Special Economic Crimes, said that the raid follows the conviction of Junaedi, the Director of PT MML, and Mugi Bayu, a former official at the Indonesia Stock Exchange.

"Today's search is a development of a capital market crime case already handled by investigators that has permanent legal force," he explained, as cited by antaranews.com

Authorities allege that PT MML was fundamentally ineligible to go public because its asset valuations did not meet exchange requirements. Shinhan Sekuritas served as the lead underwriter for the IPO, which successfully raised Rp 97 billion despite the alleged fabrication of financial data. Three other suspects, including a financial advisor and a project manager, remain under investigation as police sift through seized digital and physical documents to determine the extent of the brokerage's involvement.

(mg/inp/pr/rs)