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Social media influencer Joseph Lam Chok has mentioned he’s now not concerned within the enterprise actions of cryptocurrency platform JPEX and has ceased renting his workplace after being arrested in relation to town’s largest alleged fraud of its form with claims reaching HK$1.37 billion (US$175 million).
In a high-profile press convention on Friday after being launched on bail, Lam was requested a string of questions by reporters however mentioned he couldn’t touch upon something involving the alleged fraud as a felony investigation was ongoing.
He mentioned he was now not concerned within the enterprise actions of JPEX, and had prematurely terminated the rental contract for his workplace on the Leisure Constructing in Central on Wednesday as he was dealing with what he referred to as a really severe matter.
![Joseph Lam (right) denied to answer questions related to the ongoing case. Photo: Jelly Tse](https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2023/09/22/f2f14eb5-885c-416a-8cde-4ababb072b6f_b3ee84ec.jpg)
“I heard about what different suspects shared on the police station after their arrests, which was extra attention-grabbing than I assumed,” he mentioned when requested in regards to the prospect of going to jail.
“I don’t suppose anybody, together with myself, anticipated this end result. Everybody was shocked … I’m doing my greatest to face it financially and mentally.”
The premises in Central, which he started renting on a two-year lease in September, was searched by police earlier this week, with containers of proof and a considerable amount of money seized.
Hong Kong MTR Corp’s advertising firm removes social media post promoting JPEX
Hong Kong MTR Corp’s advertising firm removes social media post promoting JPEX
Lam, 33, additionally a barrister turned insurance coverage supervisor, is amongst 11 suspects arrested since Monday after police acquired greater than 2,000 complaints of alleged fraud towards JPEX as of Thursday.
The platform was suspected of buying and selling digital funding devices with out a licence.
The presser was held in the lounge of the luxurious Mid-Ranges residence of the influencer, who was earlier arrested for conspiracy to defraud. The house was full of greater than 100 journalists.
Carrying a swimsuit and accompanied by his lawyer David Fenn, Lam informed reporters he had been suggested by his counsel to not touch upon any particulars of the case.
JPEX scandal shows need for virtual assets regulation, Hong Kong leader says
JPEX scandal shows need for virtual assets regulation, Hong Kong leader says
“I do know that many individuals have troubles. What I’m dealing with now could be even larger hassle. However I select to take a constructive angle. Winston Churchill has been my idol. I will probably be optimistic … I hope you do the identical,” he mentioned.
“I want everybody effectively, I would like everybody to be optimistic and within the circumstances, that is the very best factor we are able to do.”
All through the 30-minute convention, he was grilled by journalists over his involvement with JPEX, his connections with different arrestees and whether or not his belongings had been frozen. However he refused to remark and repeated that he would help investigations by the legislation enforcement companies.
The alleged case of monetary fraud involving HK$1.37 billion is the biggest of its form in Hong Kong’s historical past.
Lam and Chan Wing-yee, one other arrested YouTuber, have arrange cash-for-crypto outlets within the metropolis.
Lam was launched on bail on Tuesday.
Hong Kong JPEX investors ‘forced to accept’ dividend plan hoping to lure more users
Hong Kong JPEX investors ‘forced to accept’ dividend plan hoping to lure more users
An ex-lawyer, he beforehand labored as an insurance coverage agent at Prudential Hong Kong. He was sacked by the corporate after he put a pair of sports activities sneakers on sale on social media that had been the identical form as those worn by a suspect who killed two ladies in a brutal knife assault within the Plaza Hollywood purchasing centre in June.
Police on Thursday additionally questioned native actor Juilian Cheung Chi-lam and Malaysian actress Jacquelin Ch’ng Se Min, who had been each concerned in a marketing campaign selling the buying and selling platform.
Cheung served because the platform’s native “model ambassador”, as a part of a wider promotional marketing campaign, whereas Ch’ng filmed a promotional video for the corporate.
Further reporting by Elizabeth Cheung
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