H.K. Charges 16 in Alleged $205M JPEX Crypto Fraud as Interpol Hunts 3 More Suspects

Hong Kong authorities have charged 16 individuals, including former lawyer and influencer Joseph Lam, in connection with an alleged $205.8 million cryptocurrency scam that defrauded over 2,700 investors. This case represents the largest financial fraud in Hong Kong's history, with Interpol issuing red notices for three key fugitives believed to be central to the operation. Charges against the accused include conspiracy to defraud, money laundering, and fraudulently inducing investment. It has been reported that six of those charged are core members of the JPEX operations, while others are influencers or involved in over-the-counter crypto trading. The authorities revealed that since the investigation began in September 2023, 80 arrests have been made, and HK$228 million has been seized. This is the first instance where Hong Kong has applied its Anti-Money Laundering and Counter-Terrorist Financing Ordinance to a cryptocurrency-related case. In light of the incident, Hong Kong's leader has called for increased investor education and a licensing regime to protect potential investors.

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