An independent audit has found that Kinnara Capital, the Indonesian developer selling luxury villas to Australian buyers, overstated the size of its sales network by more than 98 per cent — and used that claim to promote its Saraya Lombok beachfront development.
The company is run by Adrian James Campbell, who has three sets of convictions in Australia for fraud and for making false or misleading representations under the Australian Consumer Law. The latest findings follow a pattern that courts and regulators have already described in unusually blunt terms.
The “15,000 agents” claim
Both the Kinnara Capital project page for Saraya Lombok (kinnara.capital/projects/saraya-lombok) and the group’s Indonesian marketing site (id.kinnara.asia) tell prospective buyers that Kinnara Capital is a subsidiary of Kinnara Asia, described as “one of Asia’s largest and fastest-growing real estate platforms” with “15,000+ Registered Agents”, global buyer reach and a centralised marketing platform.
The sites then tie those numbers directly to the purchase decision. Under the heading “What This Means for Saraya Lombok”, buyers are promised built-in global exposure, faster buyer reach and strong resale and rental visibility.
That makes it more than general branding. It is a specific statement to buyers about the network that is supposed to support the resale value of their investment. The same sites also describe Kinnara as part of “one of South East Asia’s biggest property companies”, a further claim of market dominance that is not supported by any published data.
What the audit found
The audit examined every live listing on the Kinnara Asia platform in September 2026. The results were very different from the marketing:
- 256 unique agents were active on the platform, not 15,000 or more — a shortfall of 98.3 per cent.
- Those agents were spread across roughly 20,000 listings.
- Just two parties controlled 77 per cent of all listings: one bulk-listing agency (48 per cent) and one individual agent (29 per cent).
- The remaining 254 agents shared the other 23 per cent between them.
Put simply, the “global network” that buyers were told would support Saraya Lombok is mostly two accounts.
The man behind Kinnara
Adrian James Campbell is the principal of both Kinnara Asia and Kinnara Capital. Court records confirm the following history:
- 2012 — convicted of fraud offences.
- July 2015 — convicted on five charges under the Australian Consumer Law for accepting payment and failing to supply goods or services. He was fined $10,000 and ordered to pay $18,355 in restitution (Southport Magistrates Court).
- March 2018 — pleaded guilty to eleven charges of making false or misleading representations under s 151(1)(h) of the Australian Consumer Law. He was fined $85,000 and ordered to pay $102,200 in compensation, with a conviction recorded.
The 2018 convictions are for the same kind of conduct the audit has now identified: making false or misleading representations to consumers.
“It was deliberate and it was a scam”
At the 2018 sentencing, the magistrate made clear it was not a case of honest error:
“This is not a case where the breach was caused by inadvertence or mismanagement. It was deliberate and it was a scam, and there is a clear element of a lack of honesty and disregard for the affected consumers.”
— Magistrate O’Callaghan, Southport Magistrates Court, 12 March 2018
Queensland’s Office of Fair Trading was equally direct:
“The conduct of Eco Boss Pty Ltd, Mr Campbell and Mr Newnham was calculated and manipulative, and there is no place in Queensland for traders who behave in such a deceptive and misleading manner.”
— Craig Routledge, Acting Executive Director, Office of Fair Trading
Those comments were made in 2018. The Kinnara marketing is from 2026. Eight years and a new set of company names later, the pattern looks familiar.
A failed attempt to suppress the record
When these matters were raised publicly, Campbell applied to the Federal Court for an urgent injunction to have the publications taken down and further disclosure stopped.
On 20 August 2026, Justice Derrington discharged the injunction after finding that Campbell had made three material non-disclosures to the court:
- He said he was an Australian resident. He lives in Thailand.
- He claimed personal losses of $25 million. Those losses belonged to companies he controls, which were not parties to the case.
- He substantially understated his criminal history in a sworn affidavit. The full picture only came out months later in a correcting affidavit.
Justice Derrington described the failure as “exceptionally serious” and ordered Campbell to pay 80 per cent of the costs on an indemnity basis ([2026] FCA 1279).
Since the judgment was published, independent media have begun connecting the court record, the corrected affidavit and the longer history of conduct that magistrates and regulators have already condemned. The information Campbell went to court to keep hidden is now on the public record.
What buyers should know
Australians who bought into Saraya Lombok partly because of what they were told about Kinnara Asia’s agent network may have relied on statements that the audit shows to be false. Misleading or deceptive conduct of this kind may breach section 18 of the Australian Consumer Law.
Anyone considering an investment with Kinnara Capital or Kinnara Asia should check the claims independently, review the court judgments listed below, and get independent legal advice before handing over any money.
Sources
- Federal Court of Australia, [2026] FCA 1279 (Justice Derrington, 20 August 2026)
- Independent audit of kinnara.asia platform listings, September 2026
- kinnara.capital/projects/saraya-lombok
- id.kinnara.asia
- Independent Australia — “Convicted fraudster Adrian Campbell exposed in scathing Federal Court rebuke”
- Bali Eyewitness News — “Federal Court slams Kinnara Capital CEO Adrian Campbell over false affidavit”
- Supporting documents: full audit dataset (about 20,963 listings), screenshots of the “15,000+ Registered Agents” claim in context, and investigation report PCI-2026-09-KIN-001 (Poseidon CI, 28 September 2026)
