Hong Kong authorities charged 16 folk, including feeble attorney and social media influencer Joseph Lam, in reference to the JPEX cryptocurrency scandal that allegedly defrauded bigger 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 historical previous, per police. Prices encompass conspiracy to defraud, fraudulently inducing investment and money laundering, the South China Morning Publish reported.
Six of the accused are believed to be core contributors of JPEX’s operations. Seven others, including Lam, are influencers or all for over-the-counter crypto trading.
Authorities also stated Interpol issued purple notices for 3 fugitives, Mok Tsun-ting, Cheung Chon-cheong and Kwok Ho-lun, who’re believed to gain carried out central roles within the scheme. A purple behold is a inquire to detect and provisionally arrest a particular person pending extradition.
JPEX allegedly ran a crypto trading platform without a license, deceptive investors while presenting itself as a official alternate. For the reason that case opened in September 2023, 80 folk had been arrested and HK$228 million seized.
Here’s the first time Hong Kong authorities gain applied the Anti-Money Laundering and Counter-Terrorist Financing Ordinance to a crypto-related case. The 16 accused are scheduled to appear in Japanese Court docket on Thursday.
The case brought on Hong Kong chief John Lee to demand “doing extra public training for investors to know the dangers” and for a licensing regime within the territory.
