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 another step forward after internet influencer “Zhu Gongzi” was hit with additional money laundering charges tied to more than HK$18 million in suspected criminal proceeds, as prosecutors move to escalate proceedings to the District Court.

Local outlet Wen Wei Po reported that Zhu Gongzi, who has a real name of Chu Ka-fai, has surfaced once again in the Eastern Magistrates Courts on March 2.

The 34-year-old, who is allegedly jobless, is now charged with four counts of money laundering following the revision of the initial charge by the prosecutors and the addition of three more counts.

The case is inclusive of the wider investigation into the crumbled JPEX virtual asset trading platform, which the authorities claim defrauded thousands of investors.

Court Adjourns JPEX Case as Authorities Push for District Court Trial

Court documents allege that between November 23, 2020, and August 30, 2023, Chu handled approximately HK$18.78 million held across four bank accounts at Chung An Bank, Mox Bank, Lee & Wah Bank, and HSBC.

Prosecutors argue that Chu knew, or had reasonable grounds to believe, the funds were proceeds of indictable offenses but continued to deal with them regardless.

The prosecution told the court it had sought legal advice from Hong Kong’s Department of Justice and intends to transfer the case to the District Court for trial. Magistrate Lin Zikang adjourned the matter to March 27 to allow time for the preparation of transfer documents.

However, Chu remains free on bail. The charges against Zhu Gongzi add to a growing list of defendants in what has become Hong Kong’s largest alleged financial fraud case.

Authorities first exposed the JPEX scandal in September 2023 after the Securities and Futures Commission warned that the platform was operating without a license.

Soon after, JPEX froze customer withdrawals and sharply increased withdrawal fees, prompting a wave of complaints from users who said they were unable to access their funds.

As of early 2026, police say more than 2,700 victims have reported losses totaling around 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 assets, including cryptocurrency, cash, luxury vehicles, real estate, and gold bars.

Hong Kong Tightens Crypto Oversight as JPEX Criminal Case Unfolds

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

Some of them include barrister-turned-influencer Joseph Lam Chok, as well as YouTuber Chan Wing-yee, who were both released on bail.

Chengg Cheng, a former television actor, is in custody after failing to post bail. Interpol red notices have also been issued by police against three suspected masterminds who are thought to have escaped from the city.

The criminal case has been progressing slowly because of the magnitude of the evidence in the case.

On December 15, 2025, the Eastern Magistrates Court ordered all the main trials of eight key accused persons to be rescheduled to March 16, 2026, with the reason being that the prosecutors needed to organize the material that was obtained during the two-year investigation.

More charges were made in late December against three other persons involved in the alleged laundering of approximately HK$7.79 million and with an attempt to defraud the course of justice.

Parallel to the criminal process, the victims started to notice some positive changes with the help of the civil courts.