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Hong Kong authorities have charged 16 people, including former lawyer and social media influencer Joseph Lam, in connection with the JPEX cryptocurrency scandal who allegedly defrauded more 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 history, according to police. The charges include conspiracy to defraud, fraudulently induce investment and money laundering, the South China Morning Post reported.
Six of the accused are believed to be core members of JPEX’s operations. Seven others, including Lam, are influencers or involved in over-the-counter crypto trading.
Authorities also said Interpol has issued red notices for three fugitives, Mok Tsun-ting, Cheung Chon-cheong and Kwok Ho-lun, who are believed to have played a central role in the scheme. A red notice is a request to locate and provisionally arrest a person pending extradition.
JPEX allegedly ran an unlicensed crypto trading platform, deceiving investors while posing as a legitimate exchange. Since the case opened in September 2023, 80 people have been arrested and HK$228 million seized.
This is the first time Hong Kong authorities have applied the Anti-Money Laundering and Counter-Terrorist Financing Ordinance to a crypto case. The 16 accused are scheduled to appear in Eastern Court on Thursday.
The case prompted Hong Kong leader John Lee to call for “more public education for investors to know the risks” and for everyone.licensing regime in the territory.
