Hong Kong JPEX Case Escalates: Influencer ‘Zhu Gongzi’ Slapped with New Charges in HK$18.8M Laundering Probe

Hong Kong’s JPEX cryptocurrency fraud case has taken one other step ahead after web influencer “Zhu Gongzi” was hit with extra cash laundering expenses tied to greater than HK$18 million in suspected felony proceeds, as prosecutors transfer to escalate proceedings to the District Court.

Local outlet Wen Wei Po reported that Zhu Gongzi, who has an actual title of Chu Ka-fai, has surfaced as soon as once more in the Eastern Magistrates Courts on March 2.

*Chu Ka-fai, nicknamed “Young Master Chu” Source: Wen Wei Po*

The 34-year-old, who’s allegedly jobless, is now charged with 4 counts of cash laundering following the revision of the preliminary cost by the prosecutors and the addition of three extra counts.

The case is inclusive of the broader investigation into the crumbled JPEX digital asset buying and selling platform, which the authorities declare defrauded hundreds of traders.

Court Adjourns JPEX Case as Authorities Push for District Court Trial

Court paperwork allege that between November 23, 2020, and August 30, 2023, Chu dealt with roughly HK$18.78 million held throughout 4 financial institution accounts at Chung An Bank, Mox Bank, Lee & Wah Bank, and HSBC.

Prosecutors argue that Chu knew, or had cheap grounds to consider, the funds have been proceeds of indictable offenses however continued to deal with them regardless.

The prosecution instructed the court docket it had sought authorized recommendation from Hong Kong’s Department of Justice and intends to switch the case to the District Court for trial. Magistrate Lin Zikang adjourned the matter to March 27 to permit time for the preparation of switch paperwork.

However, Chu stays free on bail. The expenses towards Zhu Gongzi add to a rising record of defendants in what has grow to be Hong Kong’s largest alleged monetary fraud case.

Authorities first exposed the JPEX scandal in September 2023 after the Securities and Futures Commission warned that the platform was working with out a license.

Soon after, JPEX froze customer withdrawals and sharply elevated withdrawal charges, prompting a wave of complaints from customers who stated they have been unable to entry their funds.

As of early 2026, police say greater than 2,700 victims have reported losses totaling round HK$1.6 billion, or roughly $206 million.

Investigators have arrested over 80 people in connection with the case and frozen about HK$228 million in property, together with cryptocurrency, money, luxurious autos, actual property, and gold bars.

Hong Kong Tightens Crypto Oversight as JPEX Criminal Case Unfolds

In November 2025, Hong Kong police formally charged 16 people, together with promoters, over-the-counter trade operators, and core figures linked to JPEX.

Some of them embrace barrister-turned-influencer Joseph Lam Chok, in addition to YouTuber Chan Wing-yee, who have been each launched on bail.

Chengg Cheng, a former tv actor, is in custody after failing to publish bail. Interpol crimson notices have additionally been issued by police towards three suspected masterminds who’re thought to have escaped from the town.

The felony case has been progressing slowly due to the magnitude of the proof in the case.

On December 15, 2025, the Eastern Magistrates Court ordered all the principle trials of eight key accused individuals to be rescheduled to March 16, 2026, with the reason is that the prosecutors wanted to arrange the fabric that was obtained in the course of the two-year investigation.

More expenses have been made in late December towards three different individuals concerned in the alleged laundering of roughly HK$7.79 million and with an try to defraud the course of justice.

Parallel to the felony course of, the victims began to note some optimistic modifications with the assistance of the civil courts.

The publish Hong Kong JPEX Case Escalates: Influencer ‘Zhu Gongzi’ Slapped with New Charges in HK$18.8M Laundering Probe appeared first on Cryptonews.