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🇮🇩 Indonesia /Crime & Justice

Kresna Life Boss Michael Steven Detained by Indonesian Police After Extradition

From Tempo · () Indonesian

Translated from Indonesian, summarized and contextualized by DistantNews.

At a glance

News Official statement Under investigation
  • Indonesian national Michael Steven, wanted by Interpol, has been detained by Indonesian police for alleged fraud related to Kresna Sekuritas.
  • Steven was extradited from Morocco to Indonesia after his arrest in March 2026.
  • He faces charges and fines for his role in the failure of Kresna Life's insurance products, with regulatory action also taken against the company and other executives.

Indonesian authorities have detained Michael Steven, a fugitive wanted by Interpol, in connection with a financial fraud case involving PT Kresna Sekuritas. Steven, an Indonesian national, was brought back to Indonesia via extradition from Morocco on June 20, 2026, after being apprehended by Moroccan police on March 12, 2026, based on a request from Indonesia's National Central Bureau of Interpol.

Steven is currently held at the detention center of the Indonesian National Police's Criminal Investigation Agency (Bareskrim Polri) for investigation purposes. He is accused of being involved in the failure to pay out to customers of an entity under PT Kresna Sekuritas. The Director of Special Economic Crimes at Bareskrim Polri, Brigadier General Ade Safri Simanjuntak, confirmed Steven's detention, stating that further updates on the investigation would be provided later.

For the purposes of the investigation, coercive measures of detention have been taken against suspect MS at the Bareskrim Polri detention center.

— Brigadir Jenderal Ade Safri SimanjuntakConfirming the detention of Michael Steven.

This development follows previous actions by Indonesia's Financial Services Authority (OJK). The OJK had already imposed sanctions on PT Kresna Asset Management for violations of capital market regulations. The company was fined Rp 1.8 billion and ordered to cease managing a specific fund product that was not in compliance with applicable rules.

Several individuals, including Michael Steven as the controlling shareholder and Chairman of the Investment Committee of PT KAM, were also fined. Steven personally received a fine of Rp 5.7 billion. Other executives and employees of PT Kresna Sekuritas and PT Kresna Asset Management also faced fines, ranging from Rp 80 million to Rp 500 million, with PT Kresna itself fined Rp 300 million. These sanctions were detailed in an OJK announcement regarding administrative penalties against PT Kresna Asset Management.

For further investigation developments, information will be provided later.

— Ade SafriIndicating that more details about the case will be released.
DistantNews Editorial

Originally published by Tempo in Indonesian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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