Recently, the Supreme People's Procuratorate and the People's Bank of China announced a typical case in which the defendant Chen Mouzhi "laundered" the stolen money into Bitcoin after her ex-husband Chen Moubo fled abroad on suspicion of fundraising fraud, and used it for Chen Moubo to squander abroad, with the amount reaching more than 900,000 yuan. How was the "black money" "laundered" step by step using Bitcoin?

Fake divorce to leave a way out for yourself

Chen Moubo defrauded a large amount of customer funds by setting up a company to publicly promote regular fixed-income financial products to the public without approval, setting up a trading platform to issue "virtual currency" and luring customers into trading.

These illegal activities did not escape the police's sharp eyes. The Pudong Branch of the Shanghai Public Security Bureau filed a case against Chen Moubo for suspected fund-raising fraud, involving more than 12 million yuan. Sensing the slightest sign of trouble, Chen Moubo quickly fled abroad. Chen Moubo knew the consequences of his crime being exposed, and had already prepared a "back-up plan".

A few months before the incident, Chen transferred 3 million yuan of the illegal fund-raising funds to his wife Chen's personal bank account and divorced her in order to transfer property and conceal the proceeds of crime. After Chen fled abroad, Chen transferred the 3 million yuan of stolen money back to Chen's personal bank account for his use abroad, but Chen was still not satisfied.

Mysterious 3-person chat group

Chen Moubo once opened his own platform to issue "virtual currency" to deceive customers, and he was well versed in the "currency circle" routine. So he set his sights on "money laundering" with Bitcoin.

In the first step, Chen Moubo instructed Chen Mouzhi to sell a luxury car that he bought with illegal fundraising funds at a low price of more than 900,000 yuan. In the second step, Chen Moubo set up a chat group with only himself, Chen Mouzhi and a Bitcoin "miner". In the group, Chen Moubo asked Chen Mouzhi to gradually transfer the money to the "miner" in exchange for the Bitcoin key, and sent the key to him for him to exchange and use abroad. For this shady behavior, the three people in the group were very cautious. They repeatedly emphasized in the chat "don't fill in the remarks."

However, no matter how cunning a fox is, it cannot beat a good hunter. The Pudong Branch of the Shanghai Public Security Bureau discovered clues of Chen Mouzhi's money laundering crime while investigating Chen Moubo's fund-raising fraud case. After filing a case for investigation, the case was transferred to prosecution on suspicion of money laundering. Zhu Qijia, a prosecutor of the Seventh Procuratorial Department of the Shanghai Pudong New Area People's Procuratorate, said that based on the chat records of this WeChat group of three people, the case handlers asked the People's Bank of China to investigate suspicious transactions and obtain relevant evidence by penetrating the capital chain.

During the prosecution's case handling process, the prosecution reviewed and believed that Chen Mouzhi helped Chen Moubo transfer the funds from fund-raising fraud to overseas through bank transfers and bitcoin exchange, which constituted the crime of money laundering; the criminal facts of Chen Moubo's fund-raising fraud can be confirmed, and his escape overseas does not affect the determination of Chen Mouzhi's money laundering crime.

The People's Procuratorate of Shanghai Pudong New Area filed a public prosecution against Chen Mouzhi for the crime of money laundering. The People's Court of Shanghai Pudong New Area made a judgment, finding that Chen Mouzhi was guilty of money laundering, sentenced him to two years in prison, and fined him 200,000 yuan.

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