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Ni Komang Erviani and Andra Wisnu ,  The Jakarta Post ,  Denpasar   |  Wed, 02/25/2009 3:17 PM  |  Bali

The police had found a disturbing discrepancy concerning the financial assets of the Develop Karangasem Cooperative (KKM).

The major local co-op was shut down by the police last week over suspicion it was running a Ponzi-like scheme.

“Up to this day, the combined value of the assets we have seized and the bank’s accounts we have frozen are worth Rp 312 billion. Meanwhile, the total amount of funds deposited by KKM’s 61,000 members should reach more than Rp 521 billion,” Bali Police chief Insp. Gen. Ashikin Hussein announced Tuesday [Read more →]