23 Mar 2024

Two Chinese nationals have ended on the wrong side of the law for operating a Ponzi scheme, under the banner of Miracle Farm Investments.

        The duo, Yan Baocai aged 48 and Hong Shicong aged 61, appeared before regional magistrate, Mr Mareledi Dipate on Friday charged with an offence of fraud.

        They were alleged to have, on or about January 2024 at or near Gaborone, acting together with a common purpose with an intent to defraud members of the public, opened a WhatsApp electronic link, which was widely shared as a farm investment scheme.

This, as presented before court, lured or attracted members to subscribe and join the alleged scheme, which earned interest through investing in an account shown in a link, when in truth and fact they knew the said presentations were false.

In addition, the second accused, Hong also faced a charge of illegally remaining in the country in excess of 1 730 days, to which he pleaded guilty and is awaiting sentencing. His lawyer motivated for his non-custodial.

Meanwhile, the state had motivated for the extended remand of the accused persons, arguing that the investigations were still fresh.

Detective Sergeant Mongae Mhete of Serious Crime Squad under the Commercial and Cyber Crime Unit of Botswana Police Office, said the investigations into the matter were at an infancy stage.

He said the alleged crimes were committed in a cyber space and if released on bail, the duo were highly likely to interfere with the investigations.  

“If released on bail, they can just go online to conceal or destroy the evidence,” he said.

He said there was ample evidence which linked them to the committed crime, saying documents relating to the crime were found during search and seizure.

Also, found during search was P75 000 cash and currencies of different countries, which they failed to satisfactorily account for.

He said some of the potential witnesses worked for the accused persons, hence while on bail they could access them to intimidate and influence them.

He said the offence involved a syndicate which could either be local or international, adding that preliminary investigations showed that the accused had global outreach, therefore could simply evade the radar of the law enforcement.

Defence attorney, Mr Modisa Kebonyemodisa said the state had a propensity of applying to detain the accused under the pretext that investigations were ongoing, adding that such had been shunned by the courts before.

“Our courts have shunned where the state brings cases to the court only to investigate,” he said.

He further said the accused were held on holding charges, and called on the court to be on a balancing act of the accused’s right to liberty and interest of justice.

Also, he said the discovery of different currencies cannot be interpreted to be that the accused was connected globally, saying he was a businessman.

He said the state had come to the court with unsubstantiated fears.

The prosecutor was represented by the Directorate of Public Prosecution's Ms Kentse Molome.

Ruling on bail and unlawful remaining in the country has been scheduled for March 26. SUBBED