After an ex-restaurant worker’s bid to buy a £30 million London mansion, authorities confiscated Bitcoin worth $1.7 billion.
According to Sky News on January 30, Jian Wen, a Chinese national who became a British citizen in 2018, allegedly aided Zhimin Qian in laundering money. Qian, who entered the UK under a false identity, sought assistance in laundering funds acquired from an investment fraud scheme in China between 2014 and 2017.
Wen, formerly employed at a Chinese restaurant in southeast London, crossed paths with Qian. Prior to their encounter, Wen resided in accommodation beneath the restaurant. Qian, introduced by Wen as a figure in the international jewelry trade, became her employer.
Prosecutor Gillian Jones revealed that Wen endeavored to purchase high-end goods and London real estate using Bitcoin, including a seven-bedroom mansion in Hampstead boasting a swimming pool. However, Wen’s attempts were thwarted when she failed to account for the source of the crypto assets.
During the trial, Jones clarified that Wen was not complicit in Qian’s fraudulent activities but stands accused of converting Bitcoin into cash, luxury items, and real estate on Qian’s behalf.
Authorities raided a property leased by Wen and Qian, seizing numerous devices containing over 61,000 BTC, equivalent to $1.7 billion based on 2021 valuations.
Initially, Wen claimed the crypto holdings were mined, later asserting they were a “love present” accompanied by a deed indicating a gift of 3,000 BTC from Qian.
Wen faces trial at Southwark Crown Court on three counts of money laundering spanning October 2017 to January 2022, denying all charges. Meanwhile, Qian has fled the UK and remains at large.
