A foreign national from the Republic of Belarus, identified as Mikalai Melnik, has been officially named a suspect in an alleged large-scale investment fraud case in Bali. According to reports, Melnik is accused of misappropriating investor funds totaling Rp 63 billion (approximately US$ 3.8 million) belonging to PT Industri Vertikal Indonesia, where he previously served as deputy director.
“Yes, the police have designated a suspect,” said Geller’s lawyer, Alex Barung, contacted by detikBali, Tuesday (28/10/2025).
The case originated from a complaint filed by Aron Geller, the company’s director, who reported the alleged embezzlement to the Bali Regional Police. The report, registered under No. LP/B/526/VII/2024/SPKT/POLDA BALI on July 16, 2024, remains active as investigators continue to pursue the case.
“The person has not been caught. Because the person is no longer in Indonesia. He is already in Belarus,” said Alex.
Unauthorized Crypto Accounts and Forged Documents
Authorities said the incident occurred while Melnik was still holding an executive position in 2024. He had been assigned to seek investors willing to purchase shares in the company. During this period, he successfully attracted 128 investors, who collectively transferred significant sums into what they believed were official company accounts.
However, subsequent findings revealed that the funds were sent to crypto accounts not officially registered under PT Industri Vertikal Indonesia. Although the accounts appeared to bear the company’s name, they were reportedly created by Melnik without the knowledge or authorization of Geller or other company officials.
In addition to the unauthorized account creation, Melnik is also suspected of stealing the company’s official stamp and forging signatures to facilitate the transactions. These actions allegedly enabled him to gain the trust of investors and collect substantial deposits under the guise of legitimate corporate investments.
Police Confirm Investigation Remains Active
According to Geller’s legal representative, Alex, the police investigation is ongoing. The case file remains under the authority of the Bali Regional Police (Polda Bali). However, law enforcement efforts have been hindered by the suspect’s current whereabouts.
Melnik is believed to have returned to his home country of Belarus and has not yet been detained by Indonesian authorities. Investigators are reportedly coordinating efforts to ensure the continuation of the legal process despite the suspect being overseas.
Company and Investor Losses Under Review
The total loss reported by PT Industri Vertikal Indonesia stands at Rp 63 billion, a sum representing the combined contributions of the 128 affected investors. None of the funds allegedly collected through the unauthorized crypto accounts were ever deposited into the company’s legitimate accounts.
Authorities have yet to confirm whether the victims were individual or institutional investors, but all transactions are currently being reviewed as part of the ongoing investigation.
Investigation Continues as Police Seek Suspect
As of now, the Bali Regional Police continue to investigate the case, verifying digital evidence and corporate documentation tied to the suspect’s alleged actions. While the police report remains active, no arrest has been made due to Melnik’s absence from Indonesia.
Officials have not provided a timeline for the next steps in the investigation, but they confirmed that the case remains a priority for Bali’s law enforcement.
