Shareholder Spotlight : Mirae Asset – Another Greedy Suitcase Of Cash Sitting In Cummins India While The Sleaze Keeps Spilling Out

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If you scan the Cummins India shareholder list and spot Mirae there, do not make the mistake of assuming it is just another polished institutional badge from the global money class. Recent shareholder data lists Mirae Asset Investment Managers (India) with just over 1.1 percent of Cummins India, more than 3 million shares lodged neatly inside the register. That India arm sits inside the Mirae Asset Global Investments machine out of South Korea, the same outfit that likes to sell itself as a giant global asset manager with hundreds of billions under management and all the usual smooth corporate waffle. Fine. The trouble is that when you look past the glossy language, you keep finding raids, trading probes, forged documents, unfair family-linked deals, and regulators asking awkward questions. Another lovely suitcase of cash in the Cummins ecosystem this is not. It is another slick financial parasite with muck on its cuffs.

Cummins India Does Not Need Small Fry Shareholders

This is what makes the Mirae angle worth dragging into the light.

Mirae is not some retail nobody punting a few shares from the back row. It is part of the Mirae Asset Global Investments empire, which boasts a footprint across 18 markets and says it manages $352 billion as of November 2025. Its India investment-management arm has recently been listed with 3,053,782 Cummins India shares, about 1.102 percent of the company.

So this is not background noise. This is serious money sat in a Cummins affiliate, taking the ride, collecting the upside, and expecting nobody to ask what sort of corporate sewage trail follows it around the world.

TCAP asks.

Indonesia Is On Fire And Mirae Is In The Middle Of It

Start with the freshest stink.

On 4 March 2026, Indonesia’s OJK searched the offices of PT MASI as part of a capital-markets criminal investigation. Indonesia Business Post identified PT MASI as Mirae Asset Sekuritas Indonesia and reported that the raid sat inside a much bigger probe into alleged market manipulation and insider trading tied to PT Berkah Beton Sadaya. The numbers were not small-change either. Authorities froze roughly Rp14.5 trillion in shares.

That alone is ugly enough. But it gets better. Local reporting said OJK identified individual suspects and named Mirae Asset Sekuritas Indonesia itself as a corporate suspect while the institutional investigation stayed live.

Beautiful stuff. Exactly the sort of corporate hygiene you want from the people parking money in Cummins India.

Mirae, naturally, kept up the usual line about cooperating and carrying on. Of course it did. They all do while the boxes are being wheeled out.

Then A Client Says Rp71 Billion Vanished

As if that was not enough filth for one market, late 2025 brought another Indonesian mess.

A 70-year-old client, Irman, reported Mirae Asset Sekuritas to Indonesia’s Criminal Investigation Department after alleging that IDR71 billion had suddenly disappeared from his account. His legal team said he received a trade confirmation for a transaction he never made, and that the loss triggered allegations including fraud and illegal access.

Mirae responded by saying it was investigating and reminding clients not to share passwords, PINs, and OTP codes. Lovely. Nothing says reassurance quite like a giant brokerage appearing in a story about a missing-funds complaint and immediately sliding into the digital equivalent of “have you tried not getting robbed?”

Whether that claim ends in prosecution, civil action, or a fog of procedural bollocks, the point is the same. This is not a clean outfit walking through clean headlines.

The Forged $210 Million Fairy Tale

Then there is the Ryze mess, which is the sort of story that sounds made up until you read it twice and realise it is worse than that.

In November 2023, The Korea Times reported that an employee in Mirae Asset Securities had forged a $210 million convertible loan agreement for a Las Vegas renewable diesel project without investment committee approval. A 30-page document. Fabricated. Handed over as if the money was real. Ryze then went after Mirae in arbitration over the unimplemented deal, alleging breach, misrepresentation, abuse of process, and bad faith.

Mirae’s answer was that the agreement was a false document cooked up by one employee and legally invalid. Fine. Even on that version, it is still spectacular. A forged nine-figure financing document wandering out of the house is not a little compliance oopsie. It is a full-fat institutional farce.

And this is the calibre of money now sat in the Cummins India register.

The Family Till Was Already Open

Anyone tempted to brush all this off as a few recent mishaps should take a look at what South Korea’s Fair Trade Commission found in 2020.

The FTC fined Mirae Asset Financial Group 4.39 billion won for unfair intra-group transactions. According to The Korea Times, eleven affiliates, including Mirae Asset Global Investments, funnelled contracts for things like events, advertising, and gifts to entities linked to founder Park Hyeon-joo and his family, without a fair consideration process. The amount involved was 43 billion won.

So no, this is not just a story about bad luck in Indonesia or one rogue employee with a printer and a fantasy life. There is an older smell here. Family-linked sweetheart dealing. Group money sloshing around inside the tent. The usual rich-prick confidence that the house rules are for other people.

Even The Americans Clocked Them

And because the sleaze apparently likes to travel well, the Americans had their say too.

In January 2020, the CFTC ordered Mirae Asset Daewoo to pay $700,000 over spoofing in CME E-mini S&P 500 futures. The regulator said the spoofing had been carried out by a trader in Daewoo’s Seoul office and required Mirae to pay up and cease and desist.

So now the pattern is not just Korean competition trouble, not just Indonesian market-crime heat, not just one forged financing document. It is also US market-abuse enforcement.

At some point the phrase “isolated incident” starts sounding less like a defence and more like performance art.

Another Cummins Shareholder Worth Staring At

That is why Mirae belongs in Shareholder Spotlight.

Because this is how the Cummins ecosystem actually looks when you stop admiring the packaging and start checking the fingerprints. A South Korean asset-management giant, operating through its Indian arm, sits on more than 1 percent of Cummins India while the wider group’s name turns up in raids, trading probes, client-loss complaints, forged financing documents, unfair intra-group dealing findings, and a US spoofing order.

Nobody is saying Mirae created Cummins’ mess. That is not the point.

The point is that Cummins and its affiliates do not float above some clean pool of responsible capital. They are propped up by institutions willing to sit in the muck as long as the return profile looks pretty enough from a distance.

Mirae is one of them.

A polished global asset manager on the brochure. Another greedy suitcase of cash when you read the record. And it smells like it’s just been dragged out of the Ganges.

Lee Thompson – Founder, The Cummins Accountability Project

Sources

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