Hong Kong JPEX cryptocurrency scandal: 72 arrested, HK$228 million in assets frozen so far
- Providing update on city’s largest alleged fraud, police chief Raymond Siu also says force has received 2,636 reports regarding case, with about HK$1.6 billion involved
- Separately, security minister Chris Tang says government will expedite legislative amendments to the Fire Safety (Buildings) Ordinance after fatal blaze last week
Emerging as Hong Kong’s biggest case of alleged financial fraud, the JPEX scandal erupted last September after the securities watchdog named the cryptocurrency trading company as an unlicensed platform, accusing it of suspicious activities.
Despite coming under fire, the platform remained defiant and hit users with an exorbitant fee for virtual asset withdrawals.
Police Commissioner Raymond Siu Chak-yee updated the legislature with the force’s latest progress in the investigation on Thursday, saying the number of arrests related to the case had shot up to 72 and about HK$228 million had been frozen.
“The force has received 2,636 reports with regard to the case as of today, and the amount involved is about HK$1.6 billion,” he said.
Among those previously arrested were social media influencers who had appeared in adverts for the trading platform and set up their own over-the-counter shops. They included Chan Wing-yee, Joseph Lam Chok and Sheena Leung.