Authorities in Hong Kong have filed fees towards sixteen people, together with Joseph Lam Chok, a former lawyer who later grew to become a web-based influencer.
The group was accused of involvement in a cryptocurrency-related case involving over $205 million USD (HK$1.6 billion) linked to the JPEX platform.
The allegations embody fraud, conspiracy to defraud, and breaching cash laundering legal guidelines. These fees comply with a prolonged investigation into JPEX’s operations, which functioned as a crypto trade with out a legitimate native license.
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In line with police, over 2,700 individuals invested in JPEX. Many of those traders have been drawn in by means of social media promotions and storefront-style crypto outlets that helped channel funds into the platform.
Joseph Lam was arrested in September 2023 after selling the platform on-line. His arrest occurred after the Securities and Futures Fee (SFC) issued a public discover warning that JPEX was not registered and could also be deceptive customers.
Because the investigation started, police have arrested greater than 80 individuals believed to be linked to JPEX’s operations. Within the course of, additionally they seized round $28 million (HK$228 million) in property, together with money and different valuables.
Regardless of the arrests, authorities mentioned three people believed to have performed roles within the case stay at giant. Interpol notices have been issued for them, which request worldwide legislation enforcement help to find and detain them.
On October 16, 5 people have been arrested by London’s Metropolitan Police in reference to a suspected cryptocurrency rip-off. How did the case unfold? Learn the complete story.
