Armenian law enforcement agencies have launched an investigation into a financial pyramid scheme that defrauded hundreds in the country.

Hetq broke the story earlier this month revealing how a website called “City Bike” advertised for potential investors, promising them lucrative returns down the road. The website also urged investors to get their friends to sign up as well, promising payments for each new sign-up.

The website purported to be a subsidiary of the privately owned bicycle sharing system “Citi Bike” that operates in New York City and parts of New Jersey. The website used the official Citi Bike logo on its page.

The Armenian website (citibike.am) told investors the U.S. company would use the money to purchase new rental bikes.

The website shut down yesterday, leaving Armenian investors in the lurch.