On Friday, the authorities in Macao and Hong Kong arrested four more individuals linked to the JPEX scam. They have arrested these people as they were involved in the fraud of the JPEX crypto exchange which is supposedly responsible for deceiving more than 2,400 clients. As a result of this, the scammers at the back of this project took away approximately $200M.
Hong Kong Authorities Detain Four More Individuals Connected to JPEX Scam
The overall number of arrests has now touched 18 following the recent 4. The authorities have asserted that the latest four arrested individuals are comparatively more close to the respective issue. The Hong Kong-based police declared the detention of a couple of people on Friday. They disclosed that one of them had been utilizing paper shredders as well as laundry bleach for abolishing papers.
The latest police investigation paved the way for the seizure of gold and cash from 3 separate apartments. These assets have a value of nearly 9M Hong Kong dollars (approximately $1.15M) in total. JPEX’s elevated regulatory monitoring led to the seizure of cash funds on the platform. After that, the new arrests have created further difficulties for the company.
The recent allegations that the exchange platform faces take into account the unlicensed operation. The country’s regulatory agency “The Hong Kong Securities and Futures Commission” is responsible for raising these allegations. Thus, the JPEX saw the seizure of its assets as a consequence.
The Mastermind of the Scam Is Still out of the Authorities’s Reach
The reports have brought to the front that the inquiry reached the people who are related to JPEX’s operations. Assistant Policy Commissioner Chung Wing-man also commented on this development. The official said that it is ambiguous whether the mastermind of this fraud is an individual or a group.
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