A Hong Kong court has remanded an actor in custody while granting bail to lawyer-turned-influencer Joseph Lam Chok and 13 others, pending trial over their alleged roles in the HK$1.6 billion (US$206 million) JPEX cryptocurrency scandal – the city’s largest financial fraud to date.
The 11 men and four women, aged 25 to 54, appeared in Eastern Court for the first time on Thursday to face a total of 50 counts, including fraudulently or recklessly inducing others to invest in virtual assets, conspiracy to defraud and money laundering.
Some of the defendants, including 35-year-old Lam, are accused of falsely portraying JPEX as a highly profitable cryptocurrency trading platform licensed to operate in Hong Kong and overseas, with the intention of deceiving investors into purchasing tokens issued by the company.
Nine of the 15 defendants allegedly handled illegal proceeds exceeding HK$195 million, while two men face charges of perverting the course of justice by destroying potential evidence during a police inquiry.
Lam, who is the boyfriend of local singer Hiromi Wada, will stand trial in the High Court alongside seven others, including influencers and over-the-counter (OTC) exchange operators and associates.
Cheng Chun-hei, an artist formerly affiliated with the city’s largest broadcaster, TVB, was remanded in custody.
The 31-year-old allegedly conspired to promote JPEX with bogus claims between August 2021 and October 2023, while attempting to deceive the Inland Revenue Department using an employer’s tax return form that reportedly contained a forged signature.