Four More Arrests Made in JPEX Crypto Exchange Probe, Total Detentions Now at 18
Four more arrests have been made in the ongoing investigation into the alleged fraud at the JPEX crypto exchange. The Financial Services Agency and the Tokyo police have now detained a total of 18 people in connection with the case.
The Tokyo police and the Financial Services Agency reportedly raided offices associated with JPEX in March, after receiving dozens of complaints from customers who were unable to withdraw their funds from the exchange. The financial regulator soon followed up with a formal report alleging that JPEX had used its customers’ money to cover its own operating costs.
The four arrested individuals are believed to be employees of JPEX, and are alleged to have played a role in the alleged fraud. The Tokyo police have reportedly confiscated evidence related to the case during this latest round of raids.
The exact charges against the individuals have not been made public as of yet, but it is believed that they will face fraud and embezzlement charges. The police are also said to be investigating the possibility that management at JPEX had engaged in insider trading activities prior to the announcement of the scandal.
The police investigation into JPEX is ongoing and more arrests are expected to be made before a final report is issued.