Denpasar Gold Investment Fraud Worth Rp6.8 Billion Under Investigation, Indian National Sought
A suspected large-scale gold sales and investment fraud scheme in Renon, Denpasar has left at least 23 customers claiming losses totaling Rp6.8 billion. An Indian national director, Jaya Krishna Reddy, is alleged to be the mastermind and has reportedly become unreachable. Bali Police are investigating the case.
Two jewelry and gold outlets, Divine Gems and Jewellery and Emas Now, in the Renon area of Denpasar, Bali, have abruptly closed amid allegations of a large-scale gold investment fraud. A police report (LP/B/782/IX/2026) was filed with Bali Police on September 11, 2026, with at least 23 customers claiming combined losses of Rp6.8 billion (US$430,000+) so far.
The operating companies, PT Nellava Refinery and Bullion and PT Nellava Fine Jewellery, reportedly used local social media influencers to promote deep discount and pre-order campaigns, including 'buy 5 get 1 free' offers, priced well below market rates. Customers invested amounts ranging from tens of millions of rupiah to hundreds of grams of gold bullion, but when delivery deadlines arrived, the physical stores were suddenly locked, citing an 'internal audit.'
According to lawyer Naldi Elfian Saban, the companies' commissioner, Antonius Nofu Balan, along with roughly 40 employees, are also victims of the alleged scheme. The lawyer alleges that an Indian national, Jaya Krishna Reddy, who holds the position of company director under the firm's founding deed, single-handedly controlled all financial flows, rejected input from other managers, and threatened to dismiss staff who questioned financial transparency.
Reddy has reportedly been unreachable and has blocked internal communications since early September 2026. Similar sudden store closures have also occurred at an affiliated branch in Surabaya. Bali Police's Criminal Investigation Directorate is tracing the financial transactions and attempting to locate the director. Attempts by this outlet to obtain comment at the Renon store (Jalan Raya Puputan No. 8) and via official social media channels went unanswered.
Things to Consider
If considering gold or jewelry investments or pre-orders in Bali, be wary of deals priced far below market rates or excessive promotions such as 'buy 5, get 1 free.' Before making any payment, verify the company's official incorporation documents (Akta Pendirian) and business license (OSS/NIB), and where possible pay only upon physical delivery or in installments tied to verified delivery. If you believe you have been affected by this case, preserve all receipts, bank transfer records, and social media advertisements or chat logs, and file a report promptly with the Bali Police Criminal Investigation Directorate (Polda Bali).
Source: Berita Keadilan