JPEX scam case new development | Hong Kong police prosecute 16 people, 3 masterminds placed on red notice

The JPEX scam case has made new judicial progress. Hong Kong police have launched a comprehensive crackdown in 2024, targeting the fraud syndicate associated with virtual asset trading platform JPEX. According to an official announcement, the police have formally charged 16 individuals involved, including core members of the scam group, over-the-counter (OTC) trading personnel, influencers KOLs, and other related parties.

16 People Officially Charged, Core Members of the Scam Group Lead the Charge

Since 2024, the Hong Kong Police Force has been investigating the JPEX case, receiving over 2,700 reports. After initial screening, more than half of the complainants indicated no pursuit or could not be contacted, with over 1,311 individuals providing complete statements. During the prosecution operation, police arrested a total of 80 people, of whom 14 are confirmed to be core members of the scam group.

In this prosecution, 16 individuals have been formally charged, covering multiple categories: 6 are core members of the scam group, charged with conspiracy to commit fraud, money laundering, obstructing justice, and violations of Chapter 615 of the Hong Kong Laws; another 7 are OTC traders and influencers KOLs, charged with fraud and inducing others to invest in virtual assets; 3 puppet account holders are specifically charged with money laundering.

Asset Recovery and Legal Significance, First Use of New Legal Provisions

Hong Kong police have achieved significant results in asset freezing, currently freezing approximately HKD 228 million in related assets, including about HKD 14.5 million in cryptocurrencies, with the rest comprising properties, luxury cars, bank balances, and cash. Senior Superintendent of Commercial Crime Bureau Wong Chun-yu stated that victims can recover funds through civil litigation and advised consulting professional legal advice.

It is noteworthy that this case marks the first time Hong Kong police have invoked the provisions of the new law effective from April 1, 2023—the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Section 53ZRG—for prosecution. This clause stipulates that anyone who induces others to enter into virtual asset agreements through fraudulent or false statements that are misleading or disregard the facts commits a crime. Conviction can result in a maximum fine of HKD 1 million and 7 years imprisonment. This signifies progress in Hong Kong’s enforcement in the virtual asset regulatory field.

International Red Notice Action, 3 Fugitives Listed as Targets

Hong Kong police have established cooperation mechanisms with INTERPOL, issuing red notices for the core members of the JPEX scam group still at large. Public records show that police have issued warrants for JPEX founder Wong Cheng-kit (nickname “Bi Shao”) and his former assistant Mok Chun-ting (MOK TSUN TING), dating back to July 2024.

In the latest list of wanted persons, Wong Cheng-kit’s red notice remains valid and can still be queried via the official INTERPOL website. Along with one other core member, a total of 3 individuals are now subject to international arrest warrants. Superintendent Wong Chun-yu further stated that more suspects may be charged in the future and urged victims who previously indicated no pursuit or could not be contacted to provide new evidence and clues to the police.