Hong Kong Charges 10 More in JPEX Crypto Fraud Case

Police in Hong Kong have charged 10 additional individuals in connection with the JPEX cryptocurrency scandal, the city’s largest alleged financial fraud in recent years, with total losses exceeding HK$1.6 billion (US$205.8 million).

The suspects—four men and six women aged between 26 and 47—face charges of money laundering and conspiracy to launder money. Authorities said the charges follow investigations that uncovered suspicious transactions in accounts linked to the case. They are due to appear in Eastern Court.

Chief Inspector Hon Shing-ho said some account holders showed transaction activity “highly disproportionate to their financial profile,” involving around HK$132 million. Prosecutors are expected to seek a transfer of the case to the District Court.

The latest charges follow earlier prosecutions of 16 individuals, including influencer Joseph Lam Chok, who face allegations of fraud, conspiracy to defraud, and money laundering related to virtual asset investments.

Since the investigation began in September 2023, police have arrested 80 people, including suspected core members of the syndicate, and seized assets worth HK$228 million. More than 2,700 victims have been identified.

Investigators noted that no individual or company has formally claimed responsibility for operating JPEX, complicating the case due to the scale of victims and fund flows. Authorities have also issued a red notice through Interpol to locate two suspected masterminds and another key member still at large.