Editor Note: When will people learn. If it looks 5to good to be true it probably is and in Bali after 14 years I have learned "Assume nothing and trust no one unless they have excellent references"
Made Arya Kencana | November 29, 2010
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pakGuru
7:06am Nov 30, 2010
the company name 'Balicon' should've been a warning sign. LOL
Denpasar. Police in Bali have shut down an insurance company that allegedly defrauded around 21,000 clients to the tune of Rp 340 billion ($38 million), a spokesman said.
Sr. Comr. Gede Sugianyar Dwi Putra, a spokesman for the Bali Police, said on Monday that Made Paris Adnyana, the president commissioner of Bali Consultant Life Insurance (Balicon), had been named a suspect in the case.
Sugianyar said the accused would be charged with violating Article 21 and Article 9 of the 1992 Insurance Law. He could face up to 15 years in prison if convicted.
At the behest of the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK), the police launched an investigation into the company and found it was operating without a business permit from the Finance Ministry.
Sugianyar said the insurance firm was nevertheless able to set up shop by approaching influential figures and asking them to invest in the company.
The spokesman said the company was selling four insurance products, including education policies, that promised 5 percent monthly interest.
As of September, Balicon reportedly had 21,000 clients in Bali and East Java.
Authorities said the company had its headquarters in Jembrana, on the southwest coast of Bali and just a short ferryboat ride away from East Java.
They said the company had also set up offices in Surabaya, the East Java capital, and Jombang, also in the province.
“Now Balicon owes Rp 340 billion that has to be paid back to its clients,” Sugianyar said.
The closure of the company caused panic among clients who rushed to Balicon branches to demand information about their investments.
“It has been three months since we last had our interest paid. Before that it was smooth,” said one client, Ketut Satria, who invested Rp 200 million.
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