JPEX Faces New Money Laundering Charges

Hong Kong Prosecutors Charge Influencer in JPEX Crypto Fraud Case

• Chu Ka-fai, known as “Master Zhu,” faces three new money laundering charges related to the JPEX crypto fraud case.
• The total amount allegedly laundered by Chu is approximately HK$18.8 million through multiple banks from November 2020 to August 2023.
• The JPEX fraud is Hong Kong’s largest crypto scam, with losses exceeding $206 million and impacting over 2,700 investors.
• Chu now faces a total of four money laundering charges, with the case moving to District Court for trial; a hearing is set for March 27.
• Police have charged 16 individuals in connection with the investigation, including internet figures Lin Zuo and Chen Yi, with over 80 arrests made so far.

Hong Kong prosecutors have intensified their efforts against the JPEX crypto fraud case by adding new charges against influencer Chu Ka-fai, who allegedly laundered HK$18.8 million. The case involves substantial investor losses totaling over $206 million and has resulted in numerous arrests.