JPEX Case: Lin Zuowen Conspiracy to Defraud and Mysterious Exit Through Back Door

JPEX Case: Lin Zuowen Conspiracy to Defraud and Mysterious Exit Through Back Door

JPEX Case|Lin Zuowen conspired to defraud and left through the back door while awaiting investigation

Recently, the China Securities Regulatory Commission stated that the virtual asset trading platform “JPEX” is an unlicensed operation. Lin Zuo, who once threatened on social media that he “has applied to become a partner of JPEX,” immediately drew a line. Law enforcement officers arrested Lin Zuo yesterday (18th) on suspicion of conspiracy to defraud. As of 9 pm today (19th), eight arrested men and women, including Lin Zuo, have been released on bail pending investigation and must report to law enforcement agencies in mid-October. His girlfriend Yumei and a man drove separate private cars to the report room to handle bail procedures.

At nearly 10 o’clock in the evening, Yumei suddenly hurriedly left through the main entrance, but she did not see her boyfriend Lin Zuo accompanying her. The reporter asked: “Has Lin Zuo’s passport been confiscated?” She didn’t respond and got into a private car and left. It was said that Lin Zuo had left through the back door.

The China Securities Regulatory Commission issued a warning statement last Wednesday (13th), alleging that an entity under a virtual asset trading platform had not been licensed by the China Securities Regulatory Commission. Because it may be involved in fraud, it was referred to law enforcement agencies for investigation last Thursday (14th). So far, a total of 4 men and 4 women (aged 22 to 52) have been arrested for conspiracy to commit fraud. In addition to Lin Zuo, Internet celebrity Chen Yi (Chen Kaiyi), who is suspected of promoting “JPEX”, was also arrested yesterday. Officials said that as of 10:30 last night, a total of 1,641 victims had reported the crime, involving a total amount of approximately HK$1.2 billion, of which the single largest case involved HK$40 million.

Yumei went to the report room to handle bail procedures. (Photo by Chen Jiajie)

2023-09-19 14:27:14
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