BUG #16556: The database cluster initialisation failed - Win 10 postgresql 12.3 version installation error

The following bug has been logged on the website:

Bug reference: 16556
Logged by: Dmitri Kozlov
Email address: dmitrikozlov(at)yahoo(dot)com
PostgreSQL version: 12.3
Operating system: Windows 10
Description:

Hello

I am using Windows 10 Professional Machine at home. I have admin rights.

I am running the installation of version 12.3 (latest)

I am getting the error:
Problem running post-install step. Installation may not complete correctly
The database cluster initialisation failed.

Before Installation of version 12.3, I completed the steps below:
1. Uninstalled version 11 from Apps & Features on windows 10
2. Uninstalled pgadmin3 from Apps & Features on windows 10
3. Deleted the folder: C:\Program Files\Postgresql
4. Downloaded version 12.3 (latest)

The error occurred when I try to use:
1. The default installation path under C:\Program Files
2. Created new folder C:\Postgresql

No matter what installation path folder I use, the installation always looks
at C:\Program Files
I get the error no matter what installation path I use.

Could you please look into this issue and let me know why I cannot install
the new version or provide a workaround solution to address the problem.

I've seen this issue reported in the past, and when I try follow the advice,
nothing seems to work.

Therefore, I decided to create the official ticket.