Police charge 16 including influencer Joseph Lam in $1.6B JPEX crypto fraud case

Hong Kong police have formally charged 16 individuals - 12 men and 4 women including Barrister-turn-insurance manager Joseph Lam Chok, who is also an active social media influencer - in connection with the JPEX cryptocurrency platform scandal.

The case, uncovered by police in September 2023, involves one of Hong Kong's largest financial fraud investigations, with total reported losses reaching approximately HK$1.616 billion from 2,636 complainants as of February this year.

The investigation has led to 80 arrests and the freezing of assets worth approximately HK$228 million, including cryptocurrency valued at HK$14.5 million, alongside property holdings, luxury vehicles, bank balances, and cash. 

Police said Wednesday that the arrestees included 14 core members of the JPEX group, a number of persons-in-charge of the over-the-counter (OTC) exchanges, Internet celebrities who assisted in promoting the JPEX platform, and puppet account holders who assisted with money laundering.

A total of 16 among the arrestees have already been charged over offences including "conspiracy to defraud",  while the rest remain under investigation.

Officers also identified two masterminds and one core member of the group who had fled overseas, while Interpol red notices have been issued for the trio.

(Updated at 5.48pm)