Hong Kong Police Charge 10 More in JPEX Crypto Scam, Total Losses Exceed HK$1.6 Billion

Hong Kong police have charged another 10 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).

Four men and six women, aged between 26 and 47, were charged on Thursday with money laundering and conspiracy to launder money, following investigations that identified abnormal transactions in accounts linked to the case. They are scheduled to appear in Eastern Court on Friday.

Chief Inspector Hon Shing-ho of the commercial crime bureau’s fraud division said some account holders showed transaction patterns “highly disproportionate to their financial profile,” involving approximately HK$132 million in total. Prosecutors will apply to transfer the cases to the District Court.

The latest charges come months after 16 people, including influencer Joseph Lam Chok, were first charged with fraudulently inducing investments in virtual assets, conspiracy to defraud, and money laundering.

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

Investigators noted that no individual or company has claimed responsibility for operating JPEX, a case complicated by the large number of victims and massive fund flows. Police have issued a red notice through Interpol to locate two suspected masterminds and a core member still at large.