“The case is the largest financial fraud in Hong Kong’s history, with Interpol issuing red notices for three fugitives.”, — write: www.coindesk.com
The case is the largest alleged financial fraud in Hong Kong’s history, according to the police. Charges include conspiracy to defraud, fraudulently inducing investment and money laundering, the South China Morning Post reported.
Six of the accused are believed to be core members of JPEX’s operations. Seven others, including Lam, are influencers or involved in over-the-counter crypto trading.
Authorities also said Interpol issued red notices for three fugitives, Mok Tsun-ting, Cheung Chon-cheong and Kwok Ho-lun, who are believed to have played central roles in the scheme. A red notice is a request to locate and provisionally arrest a person pending extradition.
JPEX allegedly ran a crypto trading platform without a license, misleading investors while presenting itself as a legitimate exchange. Since the case opened in September 2023, 80 people have been arrested and HK$228 million seized.
This is the first time Hong Kong authorities have applied the Anti-Money Laundering and Counter-Terrorist Financing Ordinance to a crypto-related case. The 16 accused are scheduled to appear in Eastern Court on Thursday.
The case prompted Hong Kong leader John Lee to call for “doing more public education for investors to know the risks” and for a licensing regime in the territory.
A deep dive into Zcash’s zero-knowledge architecture, shielded transaction growth, and its path to becoming encrypted Bitcoin at scale.
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The former FTX CEO, who is currently serving a 25-year sentence for fraud, has repeatedly claimed that the crypto exchange was solvent at the time of its bankruptcy.
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- Prosecutors maintain that overwhelming evidence of fraud was presented at trial.
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