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Macau police nabs two individuals suspected of JPEX cryptocurrency fraud

October 2, 2023 Macau Crime & Legal

Two people suspected of JPEX cryptocurrency fraud have been arrested by the Macau Judiciary Police (PJ). These accused may have laundered money through Macau casino accounts.

Hong Kong officials informed the PJ that JPEX insiders were transporting illegal cash to Macau. The two guys who trade virtual currencies off-exchange for JPEX routinely visited casinos in September and opened accounts.

The Macau police confiscated HK$6.5 million (US$830,000) in casino chips, HK$70,000 (US$8,940) in cash, expensive watches, and HK$3 million (US$383,000) in a casino account after arresting them. The detainees refused to comply.

The PJ spokeswoman said these two guys transferred, concealed, and laundered illicit monies via Macau casino accounts in the JPEX case, according to the Hong Kong Police investigation.

The PJ charged the two suspects with “money laundering,” “criminal syndicate,” and “computer fraud.”

Hong Kong authorities are investigating Dubai-based cryptocurrency exchange JPEX for fraud because it lacks a trading licence. Authorities took this step after over 2,400 people complained of losing HK$1.5 billion (US$192 million). Hong Kong police have apprehended 16 suspects.