City Bike Shuts Down, Investors Lose Their Money: Criminal Proceedings Initiated

The article from Hetq regarding the website operating under the investment program 'City Bike' has been reviewed by the Prosecutor General's Office and subsequently forwarded to the Investigative Committee. Gor Abrahamyan, spokesperson for the Investigative Committee, informed the media that criminal proceedings have been initiated under the first part of Article 282 of the Criminal Code of Armenia.

According to this article, the creation, organization, or management of a financial pyramid, or a part of it, is punishable by restriction of liberty for up to three years, or short-term imprisonment for a period of one to two months, or imprisonment for up to three years.

“It became known yesterday that the website has closed down and people have lost the money they invested,” reports the media outlet. It is worth noting that Hetq had revealed that the website called 'City Bike' (citibike.am) offered investment opportunities and promised returns through interest on investments. If an investor invites friends to register using their code, they also receive money from those registrations.

This scheme resembled a financial pyramid. Additionally, the website operated under the name of the well-known American company City Bike, claiming that when people invested funds, the American company would use those investments for new bicycles and pay returns to individuals by renting them out.

Pages of individuals were blocked without reason, and a uniform response was given to everyone: “please contact your supervisor.” When individuals reached out to their “supervisors,” they did not respond to emails or would block them again.

For more details, visit the source website.