March 30, 2026
By Anjali Kochhar
Hong Kong authorities have charged 10 more individuals in connection with the HK$1.6 billion JPEX cryptocurrency scandal, one of the city’s largest alleged financial fraud cases. The latest arrests come as police continue to widen their investigation into the digital asset platform accused of defrauding thousands of investors.
According to the Hong Kong Police Force, the suspects include four men and six women aged between 26 and 47. They were formally charged with money laundering and conspiracy to commit money laundering after investigators traced suspicious financial transactions linked to the JPEX case. The accused appeared before the Eastern Court where prosecutors outlined their alleged involvement in handling funds connected to the scheme.
Police said the investigation found several bank accounts used in the operation had transaction volumes far beyond what would normally match the account holders’ financial backgrounds. Authorities believe about HK$132 million passed through these accounts as part of efforts to move and conceal funds related to the alleged fraud. Prosecutors are expected to seek the transfer of the cases to the District Court for further proceedings.
The new charges follow earlier action taken by law enforcement in the ongoing investigation. In late 2025, authorities charged 16 people in connection with the scandal. Those charges included allegations of fraud, conspiracy to defraud and money laundering. Some of the individuals accused in the earlier round of arrests were linked to promoting the platform on social media and encouraging investors to place funds into the exchange.
JPEX presented itself as an international cryptocurrency trading platform offering attractive returns and investment opportunities. However, the platform began facing scrutiny in 2023 when users reported difficulties withdrawing their funds. Complaints quickly escalated as more investors came forward claiming they had lost significant sums.
Authorities say more than 2,700 investors reported losses connected to JPEX, with total claims reaching approximately HK$1.6 billion. The scale of the losses has made the case one of the largest cryptocurrency related fraud investigations in Hong Kong’s history.
The scandal also raised concerns about the risks associated with unregulated digital asset platforms. Hong Kong’s Securities and Futures Commission had previously warned the public that JPEX was not licensed to operate as a virtual asset trading platform in the city.
Police investigations are continuing as authorities work to identify additional suspects and trace assets linked to the alleged fraud. Officials have urged investors to exercise caution and verify the regulatory status of cryptocurrency platforms before making investments.
