Hong Kong JPEX Case Intensifies: Influencer ‘Zhu Gongzi’ Faces Additional Charges in HK$18.8M Money Laundering Investigation

The JPEX cryptocurrency fraud incident in Hong Kong has progressed further as internet personality “Zhu Gongzi” faces new money laundering allegations linked to over HK$18 million in suspected illicit gains, prompting prosecutors to escalate the case to the District Court.

According to local news source Wen Wei Po, Zhu Gongzi, whose real name is Chu Ka-fai, reappeared in the Eastern Magistrates Courts on March 2.

Chu Ka-fai, known as “Young Master Chu” Source: Wen Wei Po

The 34-year-old, reportedly unemployed, now faces four counts of money laundering after prosecutors revised the original charge and added three more counts.

This case is part of a broader investigation into the collapsed JPEX virtual asset trading platform, which authorities allege defrauded numerous investors.

Court Postpones JPEX Case as Authorities Seek District Court Trial

Court filings contend that from November 23, 2020, to August 30, 2023, Chu managed approximately HK$18.78 million spread across four bank accounts at Chung An Bank, Mox Bank, Lee & Wah Bank, and HSBC.

Prosecutors maintain that Chu was aware, or had reasonable grounds to suspect, that the funds were derived from indictable offenses, yet he continued to engage with them.

The prosecution informed the court that it had consulted with Hong Kong’s Department of Justice and plans to transfer the case to the District Court for a trial. Magistrate Lin Zikang postponed the case until March 27 to allow for the preparation of transfer documents.

Nonetheless, Chu remains at liberty on bail. The charges against Zhu Gongzi add to an expanding roster of defendants in what is now Hong Kong’s largest alleged financial fraud case.

Authorities first brought the JPEX scandal to light in September 2023 after the Securities and Futures Commission alerted that the platform was operating without proper licensing.

Police Arrest 12, Seizing $1 Million in Cash and $9.8 Million in Assets in JPEX Case
Hong Kong police have reported the arrest of 12 individuals in relation to the JPEX #cryptocurrency exchange platform scandal.#CryptoNews #HongKonghttps://t.co/YMjyGWDU8S

— Cryptonews.com (@cryptonews) September 28, 2023

Shortly thereafter, JPEX halted customer withdrawals and significantly raised withdrawal fees, leading to an influx of complaints from users who claimed they could not access their funds.

As of early 2026, police have indicated that over 2,700 victims have reported losses totaling around HK$1.6 billion, equivalent to approximately $206 million.

Investigators have apprehended more than 80 individuals in connection with the case and frozen around HK$228 million in assets, which includes cryptocurrency, cash, luxury cars, real estate, and gold bars.

Hong Kong Enhances Crypto Regulation Amid JPEX Criminal Proceedings

In November 2025, Hong Kong police officially charged 16 individuals, including promoters, over-the-counter exchange operators, and key figures associated with JPEX.

Among those charged are barrister-turned-influencer Joseph Lam Chok and YouTuber Chan Wing-yee, both of whom were released on bail.

Hong Kong charges 16 individuals in $205 million JPEX crypto fraud case as authorities freeze assets and pursue three fugitives via Interpol.#HongKong #Crypto #Fraudhttps://t.co/4vJTcA4UZq

— Cryptonews.com (@cryptonews) November 5, 2025

Chengg Cheng, a former television actor, is currently in custody after being unable to post bail. Interpol has issued red notices for three suspected masterminds believed to have fled the city.

The criminal case is advancing slowly due to the volume of evidence involved.

On December 15, 2025, the Eastern Magistrates Court ordered the main trials of eight key accused individuals to be rescheduled to March 16, 2026, citing the need for prosecutors to organize the materials collected during the two-year investigation.

Additional charges were filed in late December against three other individuals implicated in the alleged laundering of around HK$7.79 million and attempting to obstruct justice.

Alongside the criminal proceedings, victims have begun to observe some positive developments with the assistance of the civil courts.

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