Taiwan determines new suspects in alleged fraud — Report

The saga of the imploded cryptocurrency alternate JPEX continues to develop as Taiwan 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, to 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 salesperson Liu Chien-fu and Niu Keng-sheng. In accordance with the report, Liu was launched on bail of 50,000 new Taiwan {dollars} ($1,550), whereas Niu — a registered particular person in control of JPEX Taiwan — was launched after questioning.

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

As soon as a profitable crypto alternate, JPEX abruptly halted some companies 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 gained’t harm Hong Kong crypto imaginative and prescient: Monetary Secretary

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

As of Sept. 25, prosecutors arrested no less than 11 alleged suspects within the JPEX case, whereas alleged masterminds have been nonetheless at massive.

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