Hong Kong police have arrested six more suspects in connection with a growing HK$1.55 billion financial scandal centred on cryptocurrency trading platform JPEX, bringing the total number of people taken in custody to 26. The six men arrested on Thursday included the CEO and an ex-director of an over-the-counter (OTC) virtual asset money changer, CryptoPARD, according to a source familiar with the case. The insider said three others were employees of another two OTC outlets – Coingaroo and Tung Club – and the sixth suspect was a member of an alleged fraud syndicate behind the JPEX platform. Officers from the commercial crime bureau raided the Tsim Sha Tsui office of CryptoPARD on Carnarvon Road on Thursday afternoon. The six men, aged from 23 to 54, were detained for conspiracy to defraud and being held for questioning as of Thursday evening. Police on Wednesday arrested television star Cheng Chun-hei, 29, and a 28-year-old man and impounded their Porsches, which were believed to have been bought with the proceeds of crime. ‘Just waste paper’: Hong Kong JPEX users unable to withdraw assets under new plan Among those arrested earlier were social media influencers who had been in adverts for the trading platform and set up their own OTC shops. They included Chan Wing-yee, Joseph Lam Chok and Sheena Leung. As of 5pm on Wednesday, police had received 2,523 complaints about the trading platform involving HK$1.55 billion. Hong Kong, Macau police arrest 4 ‘relatively close to core’ of JPEX crypto scandal The city’s securities watchdog said it had set up a working group with police to allow closer collaboration on sharing information and investigating illegal activities related to virtual asset trading platforms. The Securities and Futures Commission said the group would involve its enforcement and intermediaries divisions and three police bureaus. The scandal surrounding Hong Kong’s biggest alleged case of financial fraud, involving assets worth more than HK$1.5 billion, emerged last month after the securities watchdog named JPEX as an unlicensed platform, accusing it of suspicious activities.
Hong Kong JPEX crypto scandal: police arrest 6 more suspects, including CEO, ex-director of virtual asset money changer
