Hong Kong JPEX Case Developments: Influencer ‘Zhu Gongzi’ Faces New Charges in HK$18.8M Laundering Investigation

The JPEX cryptocurrency fraud case in Hong Kong is intensifying as internet influencer "Zhu Gongzi," also known as Chu Ka-fai, faces new money laundering charges. These charges are linked to over HK$18.8 million in suspected criminal funds, and the case is set to move forward to the District Court.

Key Takeaways

Influencer Zhu Gongzi has been charged with four counts of money laundering relating to HK$18.8 million.
The case is part of a broader investigation into the JPEX platform, accused of defrauding thousands of investors.
Authorities have frozen significant assets and arrested multiple individuals connected to the case.
The trial process has been delayed to March 2026 due to the volume of evidence.

Zhu Gongzi’s New Money Laundering Charges

The JPEX cryptocurrency fraud case in Hong Kong has escalated, with internet influencer “Zhu Gongzi,” whose real name is Chu Ka-fai, facing additional charges related to money laundering exceeding HK$18 million. Prosecutors are working to elevate proceedings to the District Court.

As reported by local news outlet Wen Wei Po, Zhu Gongzi made a reappearance at the Eastern Magistrates Courts on March 2.

Zhu Gongzi in court

At 34 years old and allegedly unemployed, Zhu Gongzi now faces four counts of money laundering after prosecutors revised the initial charge and introduced three new ones. This case is part of an extensive probe into the defunct JPEX virtual asset trading platform, accused of defrauding thousands of investors.

Court Developments and Charges

Court documents indicate that between November 23, 2020, and August 30, 2023, Chu allegedly managed around HK$18.78 million through four accounts at banks including Chung An Bank, Mox Bank, Lee & Wah Bank, and HSBC. Prosecutors claim that Chu was aware, or had reasonable belief, that the funds were associated with indictable offenses, but chose to continue handling them.

During the court session, the prosecution revealed that it had sought guidance from Hong Kong's Department of Justice and plans to transfer the case to the District Court for trial. The magistrate, Lin Zikang, adjourned the proceedings to March 27 to facilitate the preparation of transfer documents.

Despite the new charges, Chu is currently out on bail, contributing to an expanding roster of defendants in what has emerged as Hong Kong's largest alleged financial fraud case.

Background of the JPEX Scandal

Authorities first brought attention to the JPEX scandal in September 2023 when the Securities and Futures Commission alerted the public that the platform was operating without a license. Following this, JPEX imposed a freeze on customer withdrawals and significantly increased withdrawal fees, leading to numerous complaints from users unable to access their funds.

As of early 2026, law enforcement indicates that over 2,700 victims have reported losses totaling around HK$1.6 billion (approximately $206 million). In connection with the investigation, over 80 individuals have been arrested, and approximately HK$228 million in assets—including cryptocurrency, cash, luxury vehicles, real estate, and gold bars—have been frozen.

Increasing Regulatory Scrutiny on Crypto

In November 2025, Hong Kong police officially charged 16 individuals, including promoters and key players associated with JPEX. Notable figures like barrister-turned-influencer Joseph Lam Chok and YouTuber Chan Wing-yee have been released on bail. Conversely, Chengg Cheng, a former television actor, remains in custody after failing to post bail. Interpol has also issued red notices for three suspected masterminds believed to have fled Hong Kong.

The case's complexity has resulted in slow progress, with the Eastern Magistrates Court recently rescheduling the trials of eight accused individuals to March 16, 2026, due to the substantial amount of evidence compiled during the two-year investigation. Additional charges were filed in late December against three other individuals implicated in the alleged laundering of approximately HK$7.79 million and attempts to obstruct justice.

Simultaneously, victims have started to see some positive developments aided by civil courts, though the criminal aspects continue to unfold.

This article provides a comprehensive overview of the ongoing developments surrounding the JPEX case, highlighting the financial fraud's implications for Hong Kong’s cryptocurrency landscape and investor protections.