H.K. Charges 16 in Alleged $205M JPEX Crypto Fraud

Hong Kong authorities charged 16 individuals in connection with an alleged cryptocurrency scam that defrauded over 2,700 investors of approximately HK$1.6 billion ($205.8 million). This case marks the largest financial fraud in Hong Kong's history. The charges against the accused include conspiracy to defraud, inducing investment fraudulently, and money laundering. Among those charged are former lawyer and social media influencer Joseph Lam, along with six others believed to be core members of the operations at JPEX, a crypto trading platform operating without a license. Additionally, Interpol has issued red notices for three fugitives, Mok Tsun-ting, Cheung Chon-cheong, and Kwok Ho-lun, identified as central figures in the scam. Since the investigation began, around 80 arrests have been made, leading to the seizure of HK$228 million. The case has sparked discussions about the need for more public education regarding investment risks and regulatory measures. The accused are set to appear in Eastern Court on Thursday.

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