Hong Kong JPEX cryptocurrency scandal: suspect arrested on arrival at airport, taking total to 28

Hong Kong police have arrested another suspect in relation to the ballooning JPEX cryptocurrency trading platform scandal, taking the total number of those taken into custody to 28.

A source familiar with the case said that the suspect, a 28-year-old man surnamed Choi, was arrested after arriving at Hong Kong International Airport on Sunday and was said to be the owner of an over-the-counter (OTC) virtual assets money changer.

While the identity of the suspect was not known, an individual said on Instagram the same day that he was returning to the city “to explain the truth to the public” and help police with their investigation.

Henry Choi, whose Instagram handle is “hongcoin_btc” and also goes by the Chinese name “Tung Gei”, said he had lost “more than 95 per cent” of his assets.

“There are many rumours, such as ‘Tung Gei is one of the masterminds behind the scenes’, ‘Tung Gei absconded with the money’ and so on,” the social media post read.

“I once again clarify that I, Tung Gei, have not received any money, nor have I taken part in the JPEX harvesting incident, and I have no knowledge of it at all.

“The worst thing I did in my life was to believe in this scam platform. I don’t have money left. I am a person with nothing.

Hong Kong JPEX crypto scandal: police arrest 6 more suspects

“But I am most heartbroken because I am ignorant, because I am stupid, because I cannot see the overall situation clearly, and I have disappointed everyone. I want to tell you that I’m sorry.”

According to police, the city’s biggest alleged financial fraud now involves HK$1.56 billion (US$199.2 million) and 2,538 victims.

Authorities have arrested 28 people, and released all but one pending further investigation.

Among those detained earlier were social media influencers who had appeared in adverts for the trading platform, as well as owners and staff of other OTC shops.