3 more men suspected of conspiring in fraud in JPEX case includes crypto YouTuber Chu Ka-fai

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21st September 2023 – (Hong Kong) In a recent development of the JPEX cryptocurrency exchange platform fraud case, three additional male suspects, aged between 25 and 32, have been arrested. Among them is a 31-year-old man named Chu Ka-fai, a well-known YouTuber in the cryptocurrency community. Chu resides in Casa Marina, Tai Po’s shallow bay, and is currently under investigation.

This morning, during an inspection of his “K.T. Club” over-the-counter (OTC) store, it was found that the Tsim Sha Tsui flagship store was filled with boxes outside, while the interior remained empty. Letters were observed being slipped through the door, indicating that the office had been closed for some time. Similarly, the branch in Tsuen Wan appeared deserted, with no one inside.

Chu established the “K.T. Club” in 2020 and has expanded his business over the past few years. The company’s headquarters relocated from Kee Shing Centre in Tsim Sha Tsui to China Hong Kong City, and two additional branches were opened in Tsuen Wan and in Tin Hau. Chu, who refers to himself as a “post-’90s cryptocurrency sensation,” frequently shares virtual currency information on online platforms and in seminars. According to his introduction, the “K.T.Club” primarily offers OTC services for cryptocurrencies, facilitating various mainstream cryptocurrency transactions. The club aims to promote cryptocurrency culture and raise awareness about new investment opportunities in the field.

This morning, his branch in Tsuen Wan was to be abandoned. The office situated in China Hong Kong City was also deserted, with miscellaneous items piled up at the entrance. According to other tenants, the office has remained closed for some time.

As early as 2019, a Facebook page was created, publicly criticising Chu as the “shame of the Hong Kong cryptocurrency community, bloodsucking people’s hard-earned money.” In 2020, Chu was arrested on suspicion of obtaining property by deception. He was accused of using seminars to promote the cryptocurrency “Magic Coin” and allegedly defrauded several individuals who had subscribed to his services, with the total amount involved exceeding HK$4 million. Among the victims was a female teacher who lost HK$600,000.

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