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Hong Kong police arrested 4 extra individuals within the investigation of a suspected HK$1.5 billion ($157 million) fraud at crypto alternate JPEX.
The arrests had been of individuals ”comparatively near the core,” the police stated, in keeping with native media stories. A type of detained was present in an condo the place it appeared paperwork had been shredded and bleached in a shower, the South China Morning Put up reported.
“We discovered the dimensions of the syndicate very huge, there’s nonetheless large investigation work that must be achieved,” stated Eve Chung Wing-man, assistant police commissioner for crime.
The newest arrests deliver the full to 18 in what’s believed to be one in all Hong Kong’s largest ever fraud instances.
Hong Kong and Macau police joined efforts to arrest two individuals, with the household names Ho and Lo.
Visa Playing cards Bearing JPEX Label Seized
At Lo’s residence in Hong Kong, money, gold bars, and watches valued at HK$8.7 million in complete had been seize whereas at different places, piles of paperwork, together with unauthorized VISA playing cards bearing the JPEX label, had been confiscated, and a 28-year-old surnamed Wong was additionally arrested.
Ho had a checking account with about HK$3 million frozen and on line casino chips of HK$500,00 additionally had been seized, the police stated.
In Hong Kong, police executed search warrants at six premises, resulting in the arrest of a 28-year-old man named Tang in one of many models. Officers seized HK$880,000 in money and two luxurious wristwatches, and found paperwork that had seemingly been bleached and shredded.
Police have obtained stories from 2,417 residents who’ve reported losses exceeding HK$1.5 billion, Chung stated.
Hong Kong govt vows to find the leaders of JPEX, the crypto alternate that has develop into the goal of fraud investigation.
However nobody, it seems, is aware of who they’re
— ekin (@eking0x) September 27, 2023
The joint operation confiscated property valued at a complete of HK$24 million, the police stated.
Earlier arrests included social media influencers who had established their very own over-the-counter crypto changer outlets. Amongst these arrested had been Chan Wing-yee, Joseph Lam Chok, and Sheena Leung.
JPEX Saga Unfolds
The JPEX controversy started to unfold on September 13, when the Securities and Futures Fee (SFC) watchdog recognized the platform for working with out a license in Hong Kong.
Hong Kong’s JPEX alternate beneath scrutiny! 🚫 Suspended buying and selling as SFC probe results in arrest. Working with out a license, dealing with 83 complaints. Unfavourable information, frozen funds, and liquidity points cited. Delisting & contemplating DAO restructuring.#JPEX #Crypto #Cryptoinvesting pic.twitter.com/M6SjQDh8Kk
— Adasamuel (@adasamuel66644) September 18, 2023
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