#What Are the Recent Developments in the JPEX Crypto Fraud Case?
Recent legal actions in Hong Kong have heightened scrutiny around Chu Ka-fai, an internet figure also known as Master Zhu. Authorities have filed three additional money laundering counts against him, which are linked to allegations of his involvement in the JPEX crypto fraud case. Reports indicate that he is accused of laundering around HK$18.8 million through various banks from November 2020 to August 2023.
Chu, aged 34, was prominently involved in endorsing the JPEX cryptocurrency exchange. This platform is under investigation for allegedly defrauding thousands of investors, marking one of the largest crypto frauds recorded in Hong Kong. The fallout from this case has resulted in over $206 million in losses and has impacted more than 2,700 investors.
Prosecutors disclosed in court that they revised the initial charges against Chu, and he now faces a total of four charges of money laundering. The case will move to the District Court for trial, with a hearing set for March 27 as the legal teams prepare the necessary transfer documents. Currently, he remains free on bail during this process.
In a broader context, this investigation has seen the Hong Kong police charging a total of 16 individuals related to the JPEX inquiries. Notably, well-known internet personalities such as Lin Zuo and Chen Yi are among those charged. The police have made over 80 arrests in connection with this fraud, and Interpol has issued red notices for three suspects believed to be the masterminds who are still evading capture.