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Glittery MyCoin Ends in Arrests, Burning Chinese Investors

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An investment in bitcoin promising a 150 percent yield. That’s what was being offered to more than 2,000 people last August in the grand ballroom of the Sheraton Macao Hotel, where they gathered to hear investor Jim Rogers, eat free meals and be entertained by singers, dancers and glittering beauty queens.

It was too good to be true. Hong Kong police arrested six people in connection with an alleged scheme to defraud investors of at least HK$169 million ($21.8 million). All are still awaiting formal charges. Police said more than 90 people have complained after discovering they can’t contact the company that took their cash, Hong Kong-based Rich Might Investment Ltd. and its trading platform MyCoin.hk. Multiple attempts over five weeks to reach any company representatives by e-mail and phone were unsuccessful. Its storefront in Kowloon closed in January.