JPEX case update: Three men involved in money laundering over 7.8 million Hong Kong dollars granted continued bail

The virtual asset trading platform JPEX is under new developments in a fraud case, where three men involved were granted continued bail after appearing in the Eastern Magistrates' Court today. They are 27-year-old student Yu Kwan-lam, 30-year-old Wong Tsz-kin, and 30-year-old technician Tang Chi-chung. Yu Kwan-lam is charged with two counts of money laundering, involving the laundering of 7.79 million Hong Kong dollars. His case has been approved for referral to the District Court and will be heard on January 8 next year.

Wong Tsz-kin is charged with obstructing justice, accused of conspiring with a person known as "Brother Lu" in September 2023 to dispose of items at a location on Cheung Sha Wan's Castle Peak Road to hinder authorities' investigation. Tang Chi-chung faces dual charges of obstructing justice and money laundering, involving the disposal of items and documents at a unit in Starry House, Cheung Sha Wan, on September 28, 2023, as well as handling approximately 880,000 Hong Kong dollars in cash and two Rolex watches valued at around 240,000 Hong Kong dollars. The cases of Wong Tsz-kin and Tang Chi-chung have been adjourned to January 16 next year in the Eastern Court for the prosecution to prepare referral documents.

JPEX was revealed to be involved in fraud in 2023, with a total of 16 individuals charged in the entire incident.