Hong Kong prosecutors have filed charges against 16 individuals in connection with the alleged $205 million JPEX cryptocurrency fraud, which defrauded investors of approximately HK$1.6 billion and is considered the largest suspected financial fraud case in Hong Kong's history.
Those charged include executives, key operators, influencers, and over-the-counter traders, with allegations of conspiracy to defraud, fraudulently inducing investment, and money laundering. One notable suspect is Joseph Lam, a former lawyer and social media influencer.
Authorities, including local police and Interpol, are actively searching for three additional suspects—Mok Tsun-ting, Cheung Chon-cheong, and Kwok Ho-lun—for whom Interpol has issued red notices to facilitate their arrest and extradition. These individuals are believed to be masterminds or core members of the scheme.
Since the investigation began in September 2023, a total of 80 individuals have been arrested, and assets worth approximately HK$228 million have been seized, including frozen bank accounts valued at $1 million and properties worth $5.6 million.
The scandal has affected over 2,700 victims who reported issues such as inability to withdraw funds or altered balances on the JPEX platform. The Securities and Futures Commission (SFC) previously announced that JPEX was unlicensed and lacked authority to operate in Hong Kong, leading to the platform suspending trading and citing liquidity shortages.
The 16 accused are scheduled to appear in Eastern Court, and the case is closely monitored for its potential to set precedents in cryptocurrency oversight. Chief Superintendent Ernest Wong Chun-yue described the investigation as highly difficult and complex due to the volume of data and number of victims involved.
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