Carlos de Ory Indonesia real estate fraud investigation

Spanish authorities, specifically the Economic and Fiscal Crime Unit (UDEF), have launched an investigation into businessman Carlos de Ory regarding the Eco Beach City real estate project on Sumba island, Indonesia. A collective lawsuit involving over 200 individuals has been filed with the Audiencia Nacional, with estimates suggesting the alleged fraud may involve approximately 15 million euros and affect up to 1,400 people.

As the investigation progresses, legal representatives for more than 220 investors have highlighted a lack of promised infrastructure, claiming, “There are no streets, no light, no water, no drains.” While De Ory denies the allegations and maintains the project is moving forward, lawyers estimate total financial damages across linked projects, such as The Startup Island, could reach between 15 and 17 million euros. The affected investor group is international, including nationals from Germany, Argentina, the United Kingdom, the Netherlands, Belgium, France, and Italy, though the vast majority are Spanish.