Three charged with money laundering, perverting justice in JPEX crypto case

Three of the 16 individuals arrested over alleged fraud linked to the JPEX virtual currency platform have been charged with money laundering and perverting the course of justice, involving suspected criminal proceeds totaling about HK$7.79 million.

The three men face a combined total of three counts of money laundering and two counts of perverting the course of justice across three separate cases. They appeared at the Eastern Magistrates’ Courts on Thursday and were not required to enter pleas.

One case was adjourned to January 8 next year at the District Court, while the other two were adjourned to January 16 at the Eastern Magistrates’ Courts to allow the prosecution time to organize case files.

The defendants are 27-year-old student Yu Kwun-lam, 30-year-old Wong Tsz-kin, and 30-year-old technician Tang Chi-chung.

Yu faces two counts of money laundering, alleging that between August 20 and December 20, 2023, he handled assets totaling about HK$7.79 million that he knew or had reasonable grounds to believe represented proceeds of an indictable offense. His case was adjourned to January 8 next year at the Wan Chai District Court.

Wong is charged with one count of attempting to pervert the course of justice. It is alleged that between September 24 and 25, 2023, he disposed of certain items with another man at premises located at 483D-E Castle Peak Road in Cheung Sha Wan, with the intent of hindering police investigations and related legal proceedings.

Tang faces one count of attempting to pervert the course of justice and one count of money laundering. The charges allege that on September 28, 2023, he disposed of and destroyed items or documents in an apartment on the 43rd floor of Tower 1, The Sparkle, to obstruct investigations and legal proceedings.

On the same day, Tang allegedly handled cash in US dollars, renminbi, and Hong Kong dollars totaling about HK$880,000, as well as two Rolex watches valued at around HK$240,000, knowing or having reasonable grounds to believe that the assets were proceeds of crime.

All three defendants were granted bail.