The Hong Kong Police has detained four more persons suspected to be connected to the JPEX crypto exchange fraud case.
During a press conference held on Friday, September 29, 2023, it was announced that two of the suspects were apprehended in Hong Kong, while the Macau Police arrested the remaining two. One of the arrested individuals was caught trying to destroy documents by using paper shredders and bleach.
The arrests resulted in the seizure of over 21 million Hong Kong dollars worth of assets, including gold.
According to the Associated Press, Hong Kong Assistant police commissioner Chung Wing-man indicated that their investigation has reached individuals closely connected to the core operations of JPEX, but it remains unclear whether the mastermind behind the fraud is an individual or a group.
With these latest arrests, the number of individuals arrested in connection with the JPEX case stands at 18. A social media influencer who had promoted the exchange is among those who had been apprehended earlier.
The police also stated that more suspects believed to be linked to the case are currently located outside of Hong Kong, and they are aware of their whereabouts. They intend to work with international authorities to ensure that they are brought to justice.
This JPEX saga began earlier this month when Hong Kong’s Securities and Futures Commission (SFC) issued a public notice warning residents that the crypto exchange operated without a license and lacked authorization to offer its services in the city.
A few days after the notice was issued, JPEX announced that it was suspending activities on its platform. It blamed a third-party market maker for “maliciously” freezing funds and the negative impact of the SFC’s public notice, which had made it difficult to continue its operations.
JPEX and its operators are suspected of defrauding over 2,400 people of nearly $200 million. Hong Kong Police have received reports from more than 2,417 individuals claiming losses totaling over 1.5 billion Hong Kong dollars ($191.6 million) on the platform.
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