A 42-year-old British-Chinese woman, Jian Wen, has been found guilty by a UK court for her involvement in the country’s largest Bitcoin laundering case.
The court could sentence her to a maximum of 14 years in prison. However, due to the judge’s busy schedule, the final verdict, initially scheduled for May 10th, has been postponed to May 24th.
During the investigation, UK police seized over 61,000 Bitcoins, the largest amount of cryptocurrency ever seized in the country. The value of the seized Bitcoins is approximately 3.06 billion pounds, based on the exchange rate of one Bitcoin to 50,190 pounds on May 10th. Jian Wen was arrested in a two-bedroom apartment in South London. It is reported that she has returned to work at a restaurant and is living with her son.
In the apartment, police found a handwritten note stating,
“I’ll be dead if they break the BTC code.”
Involvement with Chinese Fugitive and $6 Billion Fraud
Jian Wen was found guilty by a London jury of laundering amounts of Bitcoin for a Chinese fugitive linked to a nearly $6 billion investment fraud. Between 2017 and 2022, Jian Wen assisted the fugitive, Zhimin Qian, in laundering the money. The jury found her guilty on one count of money laundering but could not decide on two other charges.
A woman has been found guilty of laundering massive amounts of Bitcoin for a Chinese fugitive who is thought to have orchestrated a near $6 billion investment fraud https://t.co/E3tIjFiT5a
— Bloomberg Crypto (@crypto) March 24, 2024
In 2018, police seized Bitcoin worth over 1.7 billion pounds ($2.2 billion) during a raid at a London house where Jian lived with Zhimin Qian. Prosecutors portrayed Zhimin as a “super villain” during the trial. Although Jian was previously acquitted of several other money laundering allegations at a separate trial, she will face sentencing on May 24th for the current charge.
Defense and Prosecution Perspectives
Jian Wen consistently denied all allegations against her. Her defense lawyer argued that she was unaware of Zhimin’s alleged fraud in China or that the money she handled was fraudulent. Jian was not accused of any involvement in the underlying fraud in China, which prosecutors estimate affected nearly 130,000 investors and amounted to almost $6 billion.
Zhimin Qian arrived in the UK in September 2017 under the assumed name of Yadi Zhang. He fled the country in 2020, two days before he was due to be questioned by London police, and his current whereabouts are unknown. After starting to work with Zhimin, Jian Wen transitioned from working in a fast-food takeaway in east London to living a luxurious lifestyle, including a six-bedroom house and foreign trips.
Investigation and Broader Implications
The trial, which lasted almost two months, shed light on the role of various intermediaries and professionals who assisted Jian Wen and Zhimin Qian in laundering Bitcoin and purchasing assets across the UK, Europe, and Dubai. Zhimin was described as a “master of deception” who orchestrated a complex investment fraud through ten investment vehicles managed via seven offices across China.
Following the verdict, Jason Prins, detective chief superintendent at London’s Metropolitan Police Service, commented on the case. He noted that the investigation disrupted a sophisticated economic crime operation, illustrating how international criminals exploit cryptocurrency. The Crown Prosecution Service has decided not to pursue a retrial for the two outstanding charges against Jian.
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