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Fiona Chow

A Hong Kong court has remanded in custody another 10 people in connection with the HK$1.6 billion (US$205.8 million) in JPEX cryptocurrency scandal, bringing the number prosecuted in the city’s largest alleged financial fraud in recent years to 26.
The latest development came nearly three years after the scandal broke out in 2023, when police revealed that more than 2,700 people had fallen victim to the alleged scam involving losses of more than HK$1.6 billion.
Twenty-three counts of money laundering and conspiracy to launder money were read out to four men and six women, aged between 26 and 47, at Eastern Court. They applied for bail but Principal Magistrate David Cheung Chi-wai rejected their requests.
Seven defendants – clerk Wong Chui-man, 35, beautician Wong Shuk-wai, 33, jewellery promoter Ma Yin-ling, 30, consultant Ngai Chi-man, 26, unemployed Li Ting-ting, 31, customer service officer Wu Ka-man, 34, and saleswoman Lau Ka-yan, 30 – will have their cases transferred to the District Court for future proceedings.
The magistrate ordered that they be remanded in custody until the next hearing on June 18.
The seven are accused of laundering money from 16 bank accounts between September 2020 and January 2024, with each defendant’s alleged dealings involving HK$4 million to HK$14 million.
Two other men – merchant Calvin Nip Chun, 36, and unemployed Lo Ki, 32 – face five counts of money laundering and one of conspiring to launder money.
Prosecutors alleged the pair conspired to launder HK$8.6 million between September and December 2023. Nip allegedly laundered more than HK$11 million, while Lo was accused of laundering HK$1.3 million.
Cheung rejected their bail applications and scheduled the next hearing for May 29. In the meantime, police investigations will focus on respective accounts’ money flow.
The 10th defendant – designer Ma Yiu-fai, 47 – allegedly laundered HK$16 million between May and October 2023. Prosecutors said they needed more time to handle the legal documents and asked for an adjournment.
The magistrate adjourned the case to May 8.
Before the latest prosecutions, police had charged 16 people: six alleged core members; seven influencers and individuals involved in over-the-counter (OTC) operations; and three stooge account holders.
Influencer and former barrister Joseph Lam Chok is among the 16 defendants. He was accused of fraudulently or recklessly inducing others to invest in virtual assets, conspiracy to defraud and money laundering.
Stooge accounts are personal bank accounts used by scammers to process suspected criminal funds. Lending, sharing or selling bank accounts may constitute a criminal offence under the Organised and Serious Crimes Ordinance.
Police also issued a “red notice” through Interpol to hunt down two masterminds and a core member of JPEX.


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Hong Kong courts

10 defendants remanded in custody in JPEX cryptocurrency fraud case

The defendants were remanded in custody after appearing at Eastern Court on Friday. Photo: Eugene Lee

Police charge another 10 people over HK$1.6 billion JPEX cryptocurrency scandal

More than 2,700 people fell victim to the alleged JPEX scam. Photo: Handout

Hong Kong police charge Joseph Lam, 15 others in HK$1.6 billion JPEX crypto case

Influencer and former lawyer Joseph Lam is among 16 suspects who have been charged over the JPEX cryptocurrency scandal. Photo: Jelly Tse

Chief Superintendent Ernest Wong shows a slide with three wanted suspects, Mok Tsun-ting (left), Cheung Chon-cheong and Kwok Ho-lun. Photo: Nora Tam

10 defendants remanded in custody in JPEX cryptocurrency fraud case

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Hong Kong magistrate rejects bail requests from four men and six women

Hong Kong magistrate rejects bail requests from four men and six women