Hong Kong police have arrested influencer Joseph Ramchuk in connection with the cryptocurrency trading platform JPEX. JPEX is at the center of an investigation by the agency and the city’s financial watchdog.
A person familiar with the case said on Monday that Lam had been questioned by officers from the police’s commercial crime bureau in the morning. Troops also raided his office in the Central Entertainment Building around 11am.
Around 12:30 p.m., plainclothes police officers escorted Lam, a former lawyer and internet celebrity, from the building to an unmarked seven-seater car.
Police also seized a box of evidence from his office, including a plastic bag containing banknotes. Lam is expected to be detained at the Central Police Station.
The JPEX crypto platform said Sunday night that negative news surrounding the company has caused market makers to freeze capital, putting pressure on cash flow.
JPEX Crypto Platform to suspend trading on Monday following Hong Kong investigation
JPEX Crypto Platform to suspend trading on Monday following Hong Kong investigation
On Saturday, police said they had received at least 83 complaints related to the platform, involving virtual assets worth about HK$34 million (US$4.3 million).
On Wednesday, the Securities and Futures Commission issued a warning to potential investors that JPEX had not submitted any license applications and called on the public to be wary of any opportunity that appears “too good to be true.” .
The trading platform also falsely claimed to offer high returns on savings products and to have received licenses from foreign regulators, the commission said.
It added that JPEX relied on misleading statements made by social media influencers, “who are often paid promoters.”
Since July last year, securities regulators have put two JPEX-related companies on a watch list, indicating the platform was seeking Hong Kong investors without proper licenses.
Hong Kong SFC says virtual currency exchange JPEX is misleading investors
Hong Kong SFC says virtual currency exchange JPEX is misleading investors
In the photo, Lam was seen wearing the same type of Nike shoes as the attacker, black shorts and a white sleeveless T-shirt. The post was widely condemned online as insensitive.
