TechFlow News, March 26: According to a report by the Hong Kong Commercial Daily, the Hong Kong Police Force has announced updates on its investigation into the JPEX virtual asset trading platform fraud case. Since launching the investigation in September 2023, police have arrested a total of 80 individuals and frozen assets worth approximately HK$228 million. On March 26, authorities launched another round of prosecutions, charging 10 individuals with “money laundering” and “conspiracy to commit money laundering.” Senior Inspector Han Chenghao of the Commercial Crime Investigation Bureau stated that the JPEX case is the largest fraud in Hong Kong in recent years both in terms of the number of victims and the amount defrauded—over 2,700 victims have filed reports, involving more than HK$1.6 billion. To date, no company or individual has claimed responsibility as the legitimate operator of JPEX. As such, police must conduct extensive investigations to identify the masterminds, core members, or accomplices behind the JPEX case.
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