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

Hong Kong authorities have charged 16 individuals in connection with an alleged cryptocurrency scam totaling $205.8 million, affecting over 2,700 investors. This case is noted as the largest financial fraud in Hong Kong's history, prompting Interpol to issue red notices for three fugitives who are believed to be key operatives within the scheme. The charges include conspiracy to defraud, fraudulent inducement of investment, and money laundering. JPEX, the firm at the center of the allegations, purportedly operated a crypto trading platform without a license, misleading investors about its legitimacy. Since the case's inception in September 2023, authorities have arrested 80 individuals and seized HK$228 million. Hong Kong's leader, John Lee, has called for increased public education on investment risks and advocated for stricter regulatory measures.

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