UK Police Seize £1.4 Million Worth of Bitcoin Linked to Chinese Scam
On Wednesday, January 31, British law enforcement officials announced the discovery of $1.7 billion worth of Bitcoin linked to a woman facing allegations of laundering funds from a $6 billion investment scam in China.
UK Citizen Denies Money Laundering Allegations
UK citizen Jian Wen, 42, vehemently denies allegations that he played a role in laundering a significant amount of money hoarded by Zhimin Qian, a fugitive wanted in China for orchestrating a fraud scheme that victimized nearly 130,000 investors. The current whereabouts of Zhimin, also known as Yadi Zhang, are unknown.
Details of the case emerged during a police raid on their rented London mansion in 2018; there, investigators discovered laptops, pen drives and notepads containing stored passwords and crypto wallets containing hundreds of millions of dollars’ worth of Bitcoin each, as stated by the prosecutor’s office. lawyer.
Lawyer Gillian Jones, representing the prosecution, told the jury that Yadi Zhang was present at the property at the time of the raid but later managed to escape the UK.
The investigation was triggered by Jian’s unsuccessful attempts to buy two houses in London worth a total of about $45 million. His failure to provide sufficient evidence of the source of funds to a lawyer involved in the transactions led to the failure of the property acquisitions.
Prosecutors allege that Jian told the lawyer in 2017 that Zhimin was mining and “gifted Bitcoins” to him as a “love gift.” According to Jian’s statements, the house purchased was their “first home.” The prosecution also alleges that Jian was researching online methods to use Bitcoin for property transactions in the UK and researching ways to sell Bitcoin without requiring proof of funds.
As the case progresses, Jian Wen faces legal scrutiny and continues to deny any involvement in the money laundering allegations linked to the international fraud scheme.
Dubai-Based Investment Advisor Offers Bitcoin Trading Channel
The ongoing investigation also reveals that in 2019, a Dubai-based investment advisor offered Jian Wen an alternative method of selling Bitcoin locally for cash.
In his statement to the police in 2019, Jian claimed that he lived with Zhimin as a guard and translator and received 3,000 Bitcoins as a gift in return. Jian stated that he had a limited understanding of Bitcoin at the time and believed it was the source of Zhimin’s wealth.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
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