Inp.polri.go.id - Jakarta. The Directorate of Special Economic Crimes  at the Criminal Investigation Board of the Indonesian National Police (INP) has named Michael Steve, or MS, the owner of Kresna Group, as a suspect in a money laundering investigation. "MS has been named as a suspect based on the findings by our investigators at the Directorate of Special Economic Crimes," said Police Brigadier General Ahmad Ramadhan, Head of the Public Information Bureau  of the INP's Public Relations Division. The suspect faces multiple charges: Article 103 in conjunction with Article 30 of Law Number 8 of 1995 on Capital Market and Article 372, Article 378 of the Criminal Code as well as  Article 3, Article 4, and Article 5 of Law Number 8 of 2020 on Money Laundering (TPPU). The charges carry a maximum penalty of 20 years in prison and a fine of Rp 10 billion. General Ramadhan revealed that three other suspects, identified by their initials OB, EH, and MTN, have also been named suspects in the case. "It is suspected that MS and the three other suspects issued investment products through PT PUP and PT MSL, utilizing PT KS securities," he said, referring to some of the companies involved in the case. These companies operated without the necessary investment management licenses, and they allegedly misappropriated customer funds without their consent. "As a result of the suspects' actions, nine investors suffered losses totaling Rp337,400,000,000," said the spokesperson as quoted by antaranews.com. The investigation into the money laundering case involve tracing the suspects' assets connected to the proceeds of their crimes, which will be used as evidence to compensate the victims. (mg/inp/pr/nm)