A Russian property developer in Bali, Aron Geller, a Director of PT Industrial Vertikal Indonesia (PT VI), alleges that his Company and its investors have been embezzled by his deputy director Mikalai Melnik.
As reported by NusaBali.com, Melnik, whose job in the Company was to identify and secure investors, is suspected of embezzling US$3,850,000 or Rp. 57,75 billion – monies collected from 128 investors to build the Karma Kandara Apartments.
Melnik, who has reportedly fled to his home country of Belarus or part unknown, has left his business partner Geller in a problematic position facing investors who claim they have been defrauded. Geller reported the embezzlement and commercial fraud to the Bali Police on 16 July 2024
Alex Barung, a Bali-based lawyer representing Geller (pictured left to right, above), speaking at a press conference on Sunday, 10 November 2024, explained that Melnik should have deposited the investors’ funds in a designated official account of PT IVI at the OCBC Bank. However, acting without authorization, Melnik created a Crypto Account in the name of the Company and falsified the signatures and company stamps to activate and make deposits into the BIT Coin account that he alone controlled.
Alex Barrung said: “Melnik forged signatures and company stamps. As a result, money from 128 investors was never deposited in the Company’s bank account.”
Feeling cheated, investors began contacting Geller requesting updates on the project’s development and asking that their money be returned. Geller insists he has never received the investors’ deposits.
Alex confirmed to the press that the Police in Bali have already inspected the bank accounts of PT IVI and did not find accounting entries recording the investors’ deposits.
Geller has stated his disappointment over Melnik’s actions that have blemished the name of PT Industrial Vertikal Indonesia (PT VI) in the eyes of its investors, “especially the European investors.” Geller continued: “I am not a fraudster, and neither is PT IVI. I hope the police will seriously investigate our report and cooperate with INTERPOL to capture the perpetrator.”
Police confirm the case is under intense investigation, and efforts will be undertaken in cooperation with INTERPOL to track Melnik – a fugitive from the law.
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