Virtual asset trading platform fraud case makes new progress; three suspects granted continued bail

【CoinPush】A recent development has emerged in a virtual asset trading platform scam case that is currently in court. Three men involved in the case were granted continued bail after their hearing at the Eastern District Magistrates’ Court — including 27-year-old student Yu Guanlin, 30-year-old Huang Zijian, and 30-year-old technician Deng Zhichong.

The charges against these three individuals vary. Yu Guanlin faces two money laundering charges involving a total of HKD 7.79 million. The case has been transferred to the District Court and is scheduled for mention on January 8 next year. The other two cases are even more complex — Huang Zijian is charged with obstructing justice. The prosecution alleges that during September 2023, he conspired with someone to dispose of items at a property on Cheung Shan Road, Cheung Sha Wan, in an attempt to hinder the authorities’ investigation.

Deng Zhichong faces more charges. He is accused of obstructing justice and money laundering, involving the disposal of items and documents inside a unit at Star House, Cheung Sha Wan, on September 28, 2023, as well as handling approximately HKD 880,000 in cash and two Rolex watches valued at about HKD 240,000. The cases against Huang Zijian and Deng Zhichong have been postponed to January 16 next year, when the Eastern District Court will continue the hearing, mainly awaiting the prosecution to prepare related transfer documents.

This scam case was first exposed in 2023 and involved as many as 16 defendants. This series of events serves as a reminder for investors to exercise caution and verify thoroughly when choosing virtual asset trading platforms.