site.btaNational Revenue Agency Investigating BETL's Activities in Bulgaria

A report has been filed with the National Revenue Agency (NRA) related to the activities of BETL (Blue Electric Technology). Revenue inspectors are collecting additional data on the company and analyzing the available information. Checks are being conducted on individuals, as well as on the activities of the company, how and in what manner they were carried out on the territory of Bulgaria, NRA told BTA.

The agency indicated that after collecting the necessary information and a thorough review of all facts and circumstances, the NRA will take the necessary actions within its competence.

The BETL company, which according to Bulgarian National Television is registered in the UK, is engaged in shared rental of external batteries for mobile devices. Bulgarians have invested about USD 80 million in the scheme within six months, and since December 5, the company has stopped paying dividends to investors.

The Financial Supervision Commission (FSC) indicated on Friday to BTA that although BETL does not fall under their supervision within the meaning of the Financial Supervision Commission Act, the institution included the company in a list of unlicensed companies that are not allowed to carry out activities as investment intermediaries or management companies on the territory of Bulgaria. Although BETL does not offer investment services, the regulator is making this move in order to inform the public.

The FSC specified that the company is not registered as an investment intermediary and is not allowed to carry out similar activities in this country or within the European Union under the Markets in Financial Instruments Act.

Most likely, this is a pyramid structure aimed at criminal activity related to fraud, said caretaker Minister of Interior Atanas Ilkov at a press conference held on Tuesday.

"The BETL company was misleading us," its representative for the city of Vratsa, Dimitar Dimitrov, told BTA earlier this week.  He pointed out that about 30,000 Bulgarians have been affected by the company's misdealings.