JPEX fraud: Hong Kong authorities make more arrests

Posted: September 30, 2023

• The JPEX case has garnered widespread consideration as considered one of Hong Kong’s largest fraud scandals.
• All through the investigation, authorities have apprehended numerous people linked to the case, together with crypto influencers.

Hong Kong and Macau authorities have made a number of arrests and asset seizures within the ongoing JPEX crypto alternate fraud case.

The case has garnered widespread consideration as considered one of Hong Kong’s largest fraud scandals, with over 2,300 complaints from victims and estimated losses of roughly $178 million.

On 29 September, authorities reported the apprehension of two Hong Kong males linked to the JPEX case. These people allegedly performed a job in establishing on line casino accounts in Macau as a part of an elaborate scheme to launder unlawful funds.

Because of their arrests, the police seized over 14 million Hong Kong {dollars} (roughly $1.7 million) in money and froze on line casino belongings.

In a associated improvement, regulation enforcement detained two extra suspects, bringing the entire variety of arrested people to 18. Curiously, considered one of these suspects was caught making an attempt to destroy potential proof through the use of paper shredders and bleach within the bathtub of an house.

In the course of the latest police operation, authorities additionally confiscated money and gold valued at 8.7 million Hong Kong {dollars} (round $1.1 million) from three totally different residences.

The story up to now

The JPEX fraud case initially got here to gentle when Hong Kong’s monetary watchdog issued a warning towards the crypto alternate for working within the area with out the required licenses.

Following the warning, JPEX elevated its withdrawal charges to just about $1,000, and its employees deserted their cubicles on the Token 2049 occasion in Singapore.

All through the investigation, authorities have apprehended numerous people linked to the case, together with crypto influencers and workers of JPEX.

Nonetheless, the masterminds behind the fraud scandal stay at giant, prompting the Hong Kong police to hunt help from Interpol in monitoring down the suspects.

Hong Kong’s Secretary for Safety, Chris Tang Ping-keung, has strongly dedicated to delivering justice to the victims of the JPEX rip-off and guarantee accountability.

Within the wake of the scandal, the Hong Kong monetary regulator stated it’ll reveal a listing of companies which have filed for retail crypto buying and selling licenses launched just lately. It is going to additionally reveal a listing of suspicious crypto buying and selling platforms.