The Hong Kong and Macau authorities have recently disclosed arrests related to the JPEX cryptocurrency exchange fraud case. They emphasize their ongoing efforts to locate and appreciate several other suspected individuals.
On Sept 29, Radio Television Hong Kong, a local media outlet, reported the arrest of two individuals from Hong Kong in connection with the JPEX case. These individuals were allegedly involved in setting up accounts at Macau-based casinos to launder illegal funds.
However, As a result of their arrests, law enforcement authorities took immediate action by freezing casino assets and confiscating over 14 million Hong Kong dollars ($1.7 million) in cash.
Meanwhile, according to a report from the South China Morning Post, two more individuals were recently apprehended. One of these suspects was allegedly caught destroying potential evidence inside an apartment’s bathtub using paper shredders and bleach.
As a result, the total number of detained suspects now stands at 18. Additionally, during the latest police operation, authorities seized cash and gold worth 8.7 million Hong Kong dollars ($1.1 million) from three separate apartments.
Hong Kong’s JPEX Scandal: Warning, Fees, & Abandoned Booths Unraveled
The controversy started when Hong Kong’s financial regulatory body issued a cautionary notice to JPEX. The information was regarding JPEX advertising its services within Hong Kong without the necessary licenses.
In response to this warning, the exchange significantly increased its withdrawal fees, reaching close to the $1,000 mark. Furthermore, at the recent Token 2049 event in Singapore, JPEX’s staff left their booths.
Throughout this case, law enforcement has apprehended several individuals related to the matter. These individuals include crypto influencers and JPEX employees.
However, the masterminds behind the JPEX fraud scandal still evade capture. As a result, the Hong Kong police have enlisted the assistance of Interpol in their endeavors to locate these suspects.
According to authorities, the JPEX scandal is considered one of the most significant fraud cases in Hong Kong. It has attracted attention with a staggering 2,300 complaints lodged by victims and estimated losses totaling around $178 million.
The Secretary for Security, Chris Tang Ping-keung, has made a commitment to ensure justice for the victims and relentlessly pursue those responsible.
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