HK charges 16, incl Joseph Lam Chok, in HK$1.6B JPEX crypto fraud

Hong Kong authorities on Wednesday charged 16 people, including former barrister and social media influencer Joseph Lam Chok, over an alleged HK$1.6 billion (about US$206 million) crypto fraud tied to the unlicensed JPEX exchange, officials said. The charges come after an investigation that began in September 2023 and follows more than 80 arrests tied to what police described as one of the city's largest financial fraud probes in recent years.

Police said the 16 defendants face counts including conspiracy to defraud, fraudulently inducing investment and money laundering under the Anti‑Money Laundering and Counter‑Terrorist Financing Ordinance. Authorities said the prosecution is the first time the ordinance has been used in a crypto‑related case. The accused include six individuals identified as principal members of the operation, seven promoters or over‑the‑counter trading participants, and others alleged to have run dummy bank accounts. The group is due to appear at Eastern Court on Thursday.

Investigators say more than 2,700 people reported losses totaling about HK$1.616 billion, with 2,636 complainants recorded as of February. Police have arrested roughly 80 people in the...