JPEX case development: three men involved in money laundering of over HKD 7.8 million granted continued bail

ChainCatcher reports that there has been new progress in the case involving the virtual asset trading platform JPEX suspected of fraud, with three suspects granted continued bail after appearing in the Eastern District Court today. The suspects are 27-year-old student Yu Guanlin, 30-year-old Huang Zijian, and 30-year-old technician Deng Zhichong. Yu Guanlin is charged with two counts of money laundering involving HKD 7.79 million; his case has been approved for transfer to the District Court and is scheduled for arraignment on January 8, . Huang Zijian is charged with obstructing justice, accused of conspiring with a person known as “Lu Ge” in September 2023 to dispose of items inside a premises on Cheung Sha Wan Qing Shan Road to hinder authorities’ investigation. Deng Zhichong faces charges of obstructing justice and money laundering, involving the disposal of documents related to items inside a unit at Xing Hui Residence, Cheung Sha Wan, on September 28, 2023, as well as handling approximately HKD 880,000 in cash and two Rolex watches valued at about HKD 240,000. The cases against Huang Zijian and Deng Zhichong are postponed to January 16, @E5@ at the Eastern District Court for further proceedings while awaiting the prosecution’s transfer documents. JPEX was exposed in 2023 for suspected fraud, with a total of 16 people prosecuted in the case.