A surprising development has occurred in the JPEX exchange fraud case as authorities in Hong Kong and Macau recently announced arrests related to the case. Officials also revealed that they are tracking other individuals connected to the case. The two suspects are accused of creating accounts in casinos to launder illegal funds. The scandal began when Hong Kong financial regulators issued a warning about JPEX operating without proper licensing.
Hong Kong Police Continue Operations
The arrest of two suspects involved in the JPEX case was reported to the public on September 29th by the local media organization Radio Television Hong Kong. According to the report, the suspects were responsible for creating accounts in casinos in Macau to launder illegal funds.
The suspects were arrested and sent to prison, and the police froze the assets of the said casinos. Additionally, over 14 million Hong Kong dollars (1.7 million dollars) in cash were seized. According to another local media organization, South China Morning Post, two more individuals were arrested, and a suspect was found in the bathtub of the raided apartment destroying potential evidence with a paper shredder and bleach.
With this news, the total number of arrested suspects has risen to 18. In the latest police operation, a total of 8.7 million Hong Kong dollars (1.1 million dollars) in cash and gold were seized from three apartments.
JPEX Scandal Goes Down in History!
The fraud scandal began when Hong Kong financial regulators issued a warning about JPEX offering services in Hong Kong without proper licenses. After the warning, the exchange demanded nearly $1000 in commission fees for withdrawal transactions, and its officials left their booths at the Token 2049 event held in Singapore.
Since the start of the legal process, authorities have arrested several JPEX employees and individuals involved in the case. Despite all these developments, the main executive team behind the JPEX exchange remains at large, and the Hong Kong police have requested assistance from Interpol in locating the suspects.
The JPEX scandal, one of Hong Kong’s largest fraud cases, has resulted in over 2,300 complaints and a loss of 178 million dollars. Hong Kong Security Secretary Chris Tang Ping-keung has pledged to bring justice to the victims and continue pursuing the responsible parties.
