Jai Sahu
Table of Contents
- Massive Bitcoin Seizure in London Mansion Raid Valued at ยฃ3 Billion
- Advocacy for UK-China Diplomatic Talks
A recent Financial Times article disclosed the sentencing of Jian Wen, a British-Chinese woman, to six years and eight months in jail for her role in laundering Bitcoin (BTC) tied to a ยฃ5 billion scam in China.
Wen, 42, was found guilty in March of laundering money for her ex-employer, Yadi Zhang, another Chinese national. Her sentencing was carried out last Friday at Southwark Crown Court in London.
Massive Bitcoin Seizure in London Mansion Raid Valued at ยฃ3 Billion
In 2018, a raid by Londonโs Metropolitan Police on a mansion in Hampstead, owned by Wen and Zhang, led to the discovery of 61,000 Bitcoin, now worth over ยฃ3 billion. This seizure is among the largest of its kind by any law enforcement globally.
The investigation began when Wen attempted to buy a London property with Bitcoin. UK prosecutors claim that Zhang orchestrated a ยฃ5 billion fraudulent scheme in China, from which the funds were derived.
Despite Zhangโs legal team claiming her innocence, Wen was convicted for laundering parts of these funds from 2017 to 2022, after being cleared in two previous trials of 10 other charges. It is crucial to note that Wen was not accused in the initial fraud claim.
However, Judge Sally-Ann Hales, KC, noted that Wen was fully aware she was handling crime proceeds and characterized the crime as โhighly sophisticated with extensive planning.โ
Wen, accused of converting Bitcoin to cash, jewels, luxury goods, and property, maintained her innocence, consistently denying knowledge of the illicit origin of the funds.
Advocacy for UK-China Diplomatic Talks
Mark Harries KC, representing Wen, portrayed her as a “vulnerable and desperate woman” misled and exploited. Contrarily, the judge refuted this depiction, rejecting the idea of Wen as a victim.
Wen acknowledged managing a Bitcoin wallet but professed unawareness of the cryptocurrency’s origins. The court was informed that Wen had not seen her 16-year-old son for 26 months and had been detained since March 2022.
From 2017 to 2020, Wen employed several intermediaries to help convert the cryptocurrency into assets.
One intermediary, Michael James Burke, a Dubai-based real estate agent, allegedly helped Wen liquidate Bitcoin through his companies in Seychelles and Switzerland and aided in acquiring properties in Dubai.
The Metropolitan Police is currently seeking to recover the total seized funds through a civil recovery operation and is collaborating with Chinese authorities on this issue.
“The Chinese government is actively participating in international law enforcement collaboration with the UK regarding this case,” stated the Chinese Ministry of Foreign Affairs to the Financial Times.
The ministry further noted that both nations’ law enforcement agencies are diligently working to track down fugitives and retrieve assets. Victims of the alleged ยฃ5 billion scam have also approached the foreign ministry in Beijing, urging the Chinese government to negotiate with the UK to recover the Bitcoin bought with their funds.
At the moment, Bitcoin, the leading cryptocurrency, is trading at $68,150, having recently struggled to maintain above the crucial $70,000 threshold.