Over a dozen foreigners in Bali claim to have lost millions in an investment scam allegedly orchestrated by a Russian national with initials SD.
Several foreign nationals have already lodged reports with the Bali Regional Police between Friday, the 17th of October, and Tuesday, the 21st of October, regarding alleged fraudulent investments carried out by SD (also known as “mr.terimakasih” on social media). The total reported losses amounted to more than Rp31 billion.
The victims claimed they were enticed by promotions for luxury villas in Nusa Penida, Kintamani, and Pecatu, which were advertised through SD’s Instagram account and several companies he claimed to own, including PT Reflection Heavens Penida, PT World Class Projects, PT Best Global Solutions, and PT Bali Development Group.
However, according to the victims’ testimonies, after payments were made, the promised projects never commenced, and communication with SD was severed.
Some of the victims include: VNV from Russia, who suffered losses of approximately Rp8.46 billion; DC from France, who lost US$105,000 after the villa he had paid for was sold to another party; and VK from Belarus, who reported losses of Rp3.44 billion after the promised townhouse project failed to materialise.
Initially, 10 foreign nationals filed complaints as well. However, as of Thursday, the 23rd of October, the number of victims has since risen, representing various nationalities. The Bali Police Public Relations Chief, Senior Commissioner Ariasandy, confirmed these reports.
“We have received 15 reports regarding alleged investment fraud by [SD],” he said, as quoted from the press on Friday, the 24th of October.
According to Ariasandy, all reports are currently being handled by the Bali Police’s Special Criminal Investigation Directorate and Cyber Directorate. Police have assured that each report will be processed in accordance with the applicable laws.
“We urge the public and investors to remain calm and to report through official channels if they believe they have been wronged. Do not be easily swayed by unfounded opinions,” he continued.
Meanwhile, SD has strongly denied all allegations in a post on his Instagram account. He also accused dozens of bot accounts of being used to post negative comments about him. SD insisted that investors’ funds were properly used for villa construction and that the projects are still ongoing.
“The money has been spent as intended, which can be verified through an audit. Most of the villas have been built, and many are nearing completion. Furthermore, I build to the highest quality, which is one of the main reasons for the delay in the handover schedule,” SD wrote in an Instagram post uploaded on Thursday, the 23rd of October.