Eastern European representing Bali Developer accused of embezzling 128 investors out of USD $3,850,000, Rp 57 billion IDR

Published in Trubun Bali : Monday, November 11, 2024, 11:37 PM WITA Writer: Zaenal Nur Arifin | Editor: Anak Agung Seri Kusniarti

DENPASAR - The dispute that occurred at PT Industri Vertikal Indonesia (PT. IVI) between its Director, Aron Geller, and Deputy Director, Mikalai Melnik, has finally come to a head.

Mikalai Melnik is suspected of having embezzled money belonging to several investors, which should have gone into the account of PT Industri Vertikal Indonesia, amounting to approximately USD 3,850,000, equivalent to Rp 57,750,000,000 or around Rp 57 billion.

The Director of PT Industri Vertikal Indonesia, Aron Geller, explained that Mikalai Melnik is suspected of having embezzled money belonging to 128 investors who wanted to invest in PT. IVI. Who offer Karma Kandara, Ungasan A Luxury Cliff Top Resort on Bali’s Bukit Peninsula, known globally as ‘Billionaire’s Row’.

As a result of Mikalai Melnik's actions, PT Industri Vertikal Indonesia has filed a report with the Bali Regional Police accompanied by legal counsel from Alex Barung Law Office and Partner, with report number No. LP/B/526/VII/2024/SPKT/POLDA BALI, dated July 16, 2024.

"PT Industri Vertikal Indonesia has taken legal steps by filing a criminal report for fraud and embezzlement in office on July 16, 2024," said Aron Geller when met in Denpasar on Monday, November 11, 2024.

Furthermore, Aron Geller explained that the alleged fraud and embezzlement began when Mikalai Melnik, who served as deputy director, was tasked with finding investors.

This task went well until Mikalai Melnik got approximately 128 investors.

Not only that, Aron Geller also mentioned the possibility that the 128 investors had sent investment money through a crypto account allegedly created by Mikalai Melnik.

"The crypto account allegedly created by Mikalai Melnik is on behalf of PT Industri Vertikal Indonesia. From that account, there is an incoming money of USD 3,850,000, which if converted to rupiah reaches more than Rp 57 billion, originating from 128 investors recruited by Mikalai Melik," explained Aron Geller.

He added that according to the rules and articles of association of the company, Mikalai Melnik, who only served as deputy director, did not have the right and authority to receive money invested by investors.

"Mikalai Melnik's actions have violated the laws and regulations of the Republic of Indonesia as well as the Articles of Association of PT Industri Vertikal Indonesia," he said.

In addition, said Aron Geller, Mikalai Melnik has also violated the laws of the Republic of Indonesia by stealing stamps, forging the signature of the Director of PT Industri Vertikal Indonesia, and making fake receipts.

For a number of lies and deceptions that have been committed by Mikalai Melnik, who impersonated and damaged the reputation and good name of PT Industri Vertikal Indonesia.

Unfortunately, a number of funds sent from the investors described above were never received by Aron Geller as Director or to the account of PT Industri Vertikal Indonesia.

"In addition, I, on behalf of PT Industri Vertikal Indonesia, ask all investors who have transferred a number of their investment funds to Mikalai Melnik's crypto account to take legal action and everything needed by PT Industri Vertikal Indonesia is ready to assist," he stressed.

Meanwhile, regarding the police report made to the Bali Regional Police, a number of facts were found, that the police had carried out a number of investigative processes against PT Industri Vertikal Indonesia.

One of them is against the company's account with the conclusion that the police did not find a number of funds transferred by investors in the above account that had entered the account of PT Industri Vertikal Indonesia.

Comment:

"We've become increasingly concerned about the number of new developments in Bali being built by individuals from Eastern European countries with limited experience in the local market.

To protect our clients, we have a strict policy of only working with established developers who have a proven track record in Bali. 

This means we typically don't accept business from those who:

• Have been in Bali less than 3 years: We believe a deep understanding of the local market and regulations is essential for successful and ethical development.
• Haven't personally built villas or apartments in Bali before: We want to ensure that the developers we work with have the necessary experience and expertise to deliver on their promises.
• Our clients trust us to represent only reputable developers. 
• We will not risk their investments by partnering with those who might leave the island, potentially abandoning projects and leaving buyers with unfinished properties and financial losses. 
• We prioritize our clients' security and peace of mind above all else."

Disclaimer:

This translation is provided for informational purposes only and should not be considered as legal or financial advice. While every effort has been made to provide an accurate translation of the original Indonesian text, there may be slight discrepancies due to the nuances of language.

The information presented in the translated article is based on a news report published by Tribun-Bali.com. We do not independently verify the accuracy of this information and cannot guarantee its completeness or reliability.

Any actions taken based on the information provided in this translation are solely at the reader's own risk. It is recommended that readers conduct their own research and due diligence, and consult with appropriate professionals for any legal, financial, or investment matters related to this article.