Key takeaways
- Hong Kong prosecutors have charged Chu Ka-fai, an internet celebrity, with three additional counts of money laundering related to the JPEX crypto fraud case.
- Chu is accused of laundering approximately HK$18.8 million through several banks between November 2020 and August 2023.
Hong Kong prosecutors have added three new money laundering charges against Chu Ka-fai, a crypto influencer known as “Master Zhu”, in connection with the JPEX crypto fraud case, according to local reports.
The 34-year-old accused played a key role in promoting crypto exchange JPEX, which allegedly defrauded thousands of investors in Hong Kong. The case is considered the city’s largest-ever crypto fraud, resulting in losses of more than $206 million and affecting more than 2,700 investors.
Prosecutors told the court on Friday that they had amended the original charges against Ka-fai, accusing him of laundering about HK$18.78 million through four bank accounts between 2020 and 2023. He now faces four counts of money laundering in total.
The case will be transferred to the district court for trial, with a further hearing scheduled for March 27 while the transfer documents are prepared. The defendant remains free on bail.
Police have charged 16 people in the JPEX investigation, including internet personalities Lin Zuo and Chen Yi. More than 80 arrests have been made to date and Interpol Red Notices have been issued against three suspected ringleaders who remain at large.
