TechFlow, on November 5, according to Hong Kong media Ming Pao, the Hong Kong police have charged 16 individuals in connection with the JPEX case, including internet celebrity Lam Cho. The case will be heard tomorrow at Eastern Magistrates' Courts.
Of the 16 charged, six are core members of JPEX, accused of conspiracy to defraud, money laundering, and obstructing justice; seven are members of over-the-counter cryptocurrency exchanges; and three are nominee account holders. This marks the first time police have prosecuted under the "fraudulently or recklessly inducing investment in virtual assets" provision of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.
To date, police have arrested a total of 80 people, identified two absconding masterminds and one key member, and issued red notices via Interpol. The case involves over 2,700 victims with losses exceeding HK$1.6 billion. Authorities have frozen assets worth approximately HK$228 million. Police indicated they may launch a second round of prosecutions.
