HK Charges 16 in Alleged $205M JPEX Crypto Fraud as Interpol Hunts 3 More Suspects
Hong Kong authorities have charged 16 people, including former lawyer and social media influencer Joseph Lam, in connection with JPEX Cryptocurrency Scandal That allegedly defrauded more than 2,700 investors out of HK$1.6 billion ($205.8 million).
The case is the largest alleged financial fraud in Hong Kong’s history, according to police. The charges include conspiracy to commit fraud, fraudulent inducement to invest and money laundering, the The South China Morning Post reported.
Six of the accused are believed to be key members of the JPEX operation. Seven others, including LAM, are influencers or involved in over-the-counter crypto trading.
Authorities also said Interpol had issued red notices for three fugitives, Mok Tsun-ting, Cheung Chon-Cheong and Kwok Ho-Lun, believed to be playing central roles in the scheme. A red notice is a request to search and provision to arrest a person pending extradition.
JPEX allegedly operated a crypto trading platform without a license, wooing investors while presenting itself as a legitimate exchange. Since the case was opened in September 2023, 80 people have been arrested and HK$228 million seized.
This is the first time Hong Kong authorities have applied the anti-money laundering and counter-terrorist financing ordinance to a crypto-related case. The 16 accused are scheduled to appear in the Eastern Court on Thursday.
The case prompted Hong Kong leader John Lee to call for “doing more public education so investors know the risks” and for AlIcensing regime in the territory.
