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

Hong Kong authorities have charged 16 individuals in an alleged cryptocurrency scam that defrauded more than 2,700 investors out of approximately $205.8 million (HK$1.6 billion). This case has been described as the largest financial fraud in Hong Kong's history. The charges against the accused include conspiracy to defraud, fraudulently inducing investment, and money laundering. Among those charged is Joseph Lam, a former lawyer and social media influencer, with six of the accused identified as core members of JPEX's operations. Authorities have confirmed that Interpol issued red notices for three fugitives believed to be central to the scheme. JPEX reportedly operated a crypto trading platform without a license, misleading investors about its legitimacy. Since the investigation began in September 2023, around 80 arrests have been made, and HK$228 million has been seized. The scandal has prompted discussions about increasing public education on investment risks and the need for a licensing regime in Hong Kong.

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