Coin Young Master Wong Ching Kit the man who orchestrated the “Money can fall from the sky” stunt in Hong Kong has been arrested for mining-related fraud,together with a 20 year old accomplice at their office in TML Tower in Tsuen Wan, by officers from the Commercial Crime Bureau, reported by South China News.
Reports say that the two have been charged with conspiracy to defraud for selling ‘mining machines’ investors as part of a failed “File Cash Coin” cryptocurrency venture.
The arrest comes after 18 investors (16 men and 2 women) launched a suit against Wong in January 2019 claiming he dupe them out of US $384,600 by investing into the ‘mining machines’, which are high-powered computers.
According to the police, ““We know the company had been promoting the product in a high profile way [before April last year], so we don’t rule out the possibility that there might be more victims, or the offence took place over a longer period.”
The Democratic Party, which is helping the investors, said in January that it had received more than 20 complaints since October from people claiming to have been cheated after investing in Wong’s mining machine.
On 15 Dec 2018 last year, Wong Ching Kit life streamed the “Money can fall from the sky” publicity stunt in Sham Shui Po, Hong Kong, for which he was detained for causing disorder in a public place.
Wong Ching Kit is also known as the 幣少爺 (Bì shàoyé) “Coin Young Master”. He was previously known as Kwan Tsz-Kit, which is the name given to him when Wong was born, and previously worked as a swimming instructor. He was convicted of theft and ordered to perform 160 hours of community service in 2012.