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President Susilo Bambang Yudhoyono on Monday stepped into the fray between the police and Tempo magazine, ordering the National Police chief to investigate the publication’s report that some police generals had suspiciously large bank accounts.

The president, speaking before a cabinet meeting, said he had received numerous messages from the public questioning how police officials could have amassed such wealth — allegedly as much as Rp 95 billion ($10.5 million) in one case — and asking him to step in.

“Please respond to this issue, resolve it and manage it well,” Yudhoyono said in his instructions to Gen. Bambang Hendarso Danuri. “If there are legal violations, impose sanctions. If you don’t, explain why.”

The explosive report was carried in last week’s edition of Tempo, which the police are now pursuing for alleged defamation — not because of the story but because of the caricature on the cover, which depicts an officer leading three piggy banks.

Police say the portrayal is an insult to the force.

According to the coordinating minister for political, legal and security affairs, Djoko Suyanto, Bambang should use his right of reply to respond to Tempo’s allegations and report the matter to the Press Council.

Bambang later said he would soon respond to the accusations outlined by the magazine.

The police on Thursday filed a complaint to the Press Council over Tempo’s cover, but did not object to the story itself.

“I have also formed my own team to investigate the accounts,” Bambang said. “I promise I shall announce the results to the public next week. We will take necessary action if violations are found. If they are not found, we will also announce the results.”

The allegations against the police officials stem from a Financial Transaction Reports Analysis Center (PPATK) document unearthed by Indonesia Corruption Watch, the publication of which the police have stressed is illegal.

Bambang warned against drawing hasty conclusions from the report, which has not only triggered an outcry from the general public but also from political and community leaders.

Press Council chairman Bagir Manan said on Monday that the council had scheduled a conciliation meeting between Tempo and the National Police for Thursday. “We have to thank the police for taking this initiative,” he said.

Agus Sudibyo, head of public complaints at the council, said that Thursday’s meeting would be to mediate a resolution.

“We will also examine whether Tempo breached the code of ethics,” he said. “Even if the two parties settle this amicably, Tempo still has to apologize to the police should we find any infringements to the code of ethics in their cover story.”

Wahyu Muryadi, Tempo’s editor-in-chief, told the Jakarta Globe that the ball was now in the National Police’s court, “because they are the party who think that there is a problem.”

Sidharto Danusubroto, an executive board member of the Indonesian Democratic Party of Struggle (PDI-P), said investigators should also check whether the police officials with the large bank accounts had paid the appropriate taxes.

“Check their wealth reports,” he said. “Those who have such exorbitant amounts of money must pay more taxes. Both the tax office and the police should look into the possibility of tax fraud.”

TB Hasanuddin, a PDI-P lawmaker and former military general, said that with police generals earning up to Rp 15 million a month, “the money they allegedly have in those private accounts needs to be investigated.”