Taiwan determines new suspects in alleged fraud — Report

The saga of the imploded cryptocurrency alternate JPEX continues to develop as Taiwanese prosecutors have reportedly discovered new alleged suspects.

The Taipei District Prosecutors Workplace (TDPO) requested Chang Tung-ying, the chief associate at JPEX’s workplace in Taiwan, be held in custody over alleged fraud, the native TV channel TVBS Information reported on Nov. 9.

Taipei prosecutors reportedly searched 9 areas associated to the JPEX investigation and summoned Chang and three different alleged suspects. The authorities recognized Chang and JPEX lecturer Shih Yu-sheng (additionally referred to as Shi Yu) as suspects within the case for violating the Banking Act and the Cash Laundering Management Act.

Different defendants have been launched, together with JPEX salespersons Liu Chien-fu and Niu Keng-sheng. In response to the report, Liu was launched on bail of fifty,000 new Taiwan {dollars} ($1,550), whereas Niu, a registered individual accountable for JPEX Taiwan, was launched after questioning.

The report additionally famous that 9 Chen, a Taiwanese celeb and singer who as soon as represented JPEX as a model ambassador, was additionally summoned by prosecutors. Prosecutors reportedly named 9 Chen as a defendant after initially calling him to testify as a witness.

As soon as a profitable crypto alternate, JPEX abruptly halted some services in mid-September 2023, citing a liquidity disaster triggered by “unfair remedy” from a number of establishments in Hong Kong. The abrupt implosion fueled allegations about JPEX deceptive traders by claiming to have utilized for a crypto buying and selling license and different points.

Associated: ​​JPEX scandal won’t hurt Hong Kong crypto vision: Financial Secretary

JPEX shortly grew to become the middle of a serious scandal within the trade. Hong Kong authorities launched an investigation after receiving over 2,000 complaints from JPEX customers reporting nearly $180 million in losses. The implosion of JPEX has develop into a major concern for monetary regulators in Hong Kong, Taiwan and different international locations, with many authorities initiating new measures to guard traders from losses resulting from related incidents.

As of Sept. 25, regulation enforcement has arrested at least 11 alleged suspects within the JPEX case, whereas the alleged masterminds are nonetheless at massive.

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