Authorities in Hong Kong and Macau Extend Arrests in JPEX Crypto Fraud, Total Detainees Rise to 18
Summary:
Hong Kong and Macau authorities have made additional arrests linked to the JPEX cryptocurrency fraud case, bringing the total number of detainees to 18. Police seized assets and cash worth approximately $2.8 million in these operations. An ongoing investigation is underway to locate masterminds behind the fraud, with Hong Kong police collaborating with Interpol. The JPEX scandal has become one of the largest fraud cases in Hong Kong, with over 2300 victims and losses approximating $178 million.
In recent developments, law enforcement agencies in both Macau and Hong Kong apprehended individuals linked to the JPEX cryptocurrency fraud saga, implying a search operation for additional persons of interest. Local news source Radio Television Hong Kong noted on September 29 that two Hong Kong residents associated with JPEX were in police custody. These individuals were said to have set up accounts in Macau-based casinos to purportedly launder illicit money. Following the duo's arrest, police froze assets in casinos and confiscated cash totalling more than 14 million Hong Kong dollars (HKD), approximately $1.7 million. The South China Morning Post, another media entity, disclosed the arrest of two more individuals, with one allegedly caught discarding potential evidence using paper shredders and tub bleach. These arrests increase the total to 18 detainees. The police's latest operation also led to the seizure of cash and gold equivalent to 8.7 million HKD, about $1.1 million, from three residential apartments.
The fiasco unfolded when the financial regulator of Hong Kong issued a caution against JPEX on advertising its services within Hong Kong without the necessary permissions. The backlash saw the exchange raise its withdrawal fees to nearly $1,000, while its representatives deserted their stalls at the recent Token 2049 event held in Singapore. Since the commencement of the case, numerous individuals linked to the case, including those closely associated with JPEX and cryptocurrency influencers, have been apprehended. Nevertheless, the key orchestrators of the JPEX fraud remain at large as Hong Kong police join forces with Interpol to trace down these suspects.
According to official statements, the fraudulent JPEX scenario has escalated to one of the significant crime instances in Hong Kong, soliciting over 2300 complaints from victims and amassing losses around $178 million. Christ Tang Ping-keung, Hong Kong's security secretary, has promised justice for the victims, vowing relentless pursuit of the perpetrators.
Published At
9/29/2023 11:56:00 AM
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