"Jpex Incident" New Development: Hong Kong police prosecute 16 involved individuals, 3 masterminds are wanted internationally

Hong Kong police recently held a press conference to announce the latest enforcement developments in the Jpex case. A total of 16 individuals involved have been prosecuted, including core members of the scam group, over-the-counter (OTC) trading managers, and multiple online influencers (KOLs). According to statistics, the police received over 2,700 reports involving a total amount of HKD 1.616 billion, and froze related assets worth approximately HKD 228 million.

Prosecution List Announced: Different Roles Face Different Charges

Senior Superintendent Wong Chun-yu of the Commercial Crime Bureau of the Hong Kong Police stated at the press conference that the prosecution actions in the Jpex case involve multiple levels of suspects. Among them, 6 core members of the scam group are charged with conspiracy to commit fraud, money laundering, and obstructing justice; another 7 OTC-related individuals and KOLs are charged with fraud and money laundering; and 3 puppet account holders are charged with money laundering.

Victims of the prosecution include well-known influencers such as Lam Chok and Chan Yi, who participated in promotion as KOLs and ultimately became involved suspects. Victims can pursue civil litigation to recover assets, but the efficiency and success rate remain to be further observed.

Legal Innovation: First Use of “Virtual Asset Fraud” Crime

The most milestone aspect of this case is that Hong Kong police have for the first time invoked the provisions of Hong Kong Ordinance Chapter 615, Section 53ZRG, which came into effect on April 1, 2023, for prosecution. This clause targets acts of “fraudulently or deceitfully inducing others to invest in virtual assets,” and upon conviction, carries a fine of HKD 1 million and up to 7 years of imprisonment.

The launch of this new law marks an upgrade in Hong Kong’s enforcement力度 in addressing virtual asset scams. The Jpex case becomes the first large-scale application of this new law, setting a legal precedent for future cryptocurrency scam cases.

International Pursuit: 3 Main Suspects Still at Large, Red Notices in Effect

Hong Kong police have cooperated with INTERPOL to issue red notices for three fugitives and core members. This includes JPEX founder Wong Cheng-kit (Bishao) and his former assistant Mo Junting, who are still on the international wanted list.

According to INTERPOL’s official website, Wong Cheng-kit’s red notice remains valid, indicating that the scope of the Jpex case’s pursuit has expanded to the international level. The police stated that more individuals may be prosecuted in the future and urged victims who have not yet been contacted or have previously indicated no pursuit to provide information again to the authorities.

Victim Relief and Future Outlook

According to data from the Hong Kong Security Bureau, as of the progress of the case, there have been 2,636 reports related to the Jpex incident. Among them, 666 people chose not to pursue; 659 could not be contacted; and 1,311 have given statements. Among the frozen assets, about HKD 14.5 million are in cryptocurrencies, with the rest including properties, luxury cars, and bank balances.

Victims seeking to recover assets are advised by Senior Superintendent Wong Chun-yu to consult legal professionals and pursue civil litigation. Meanwhile, the Hong Kong police stated they will continue to cooperate with INTERPOL to bring all involved suspects to justice. The ongoing developments in the Jpex case pose new challenges for the regulation and supervision of the entire virtual asset industry.