Fraud Victims Call on China to Assist in Recovering $4.3B Bitcoin Seized by UK Police
The victims of an investment fraud scheme have called on China to negotiate with the UK government to recover 61,000 Bitcoin seized in a money laundering investigation, valued at $4.3 billion at the time of publication.
This Bitcoin is the result of a $6.2 Billion wealth management fraud conducted between 2014 and 2017, fronted by Chinese company Tianjin Lantian Gerui Electronic Technology.
In which, more than 128,000 people were defrauded.
The UK government became aware of the situation after ex-restaurant worker Jian Wen attempted to launder funds by purchasing a $30 million property with Bitcoin.
However, the transaction could not be completed since Wen was unable to explain the source of the funds.
This prompted an investigation, which culminated in a raid on a property rented by “front person” Wen and her boss Zhimin Qian, the suspected mastermind of the operation. During the raid, investigators seized 61,000 Bitcoins, worth $1.7 billion at the time.
Under pressure to explain the damning situation, Wen initially claimed that Bitcoin was mined.
She eventually changed her story, stating it was a “love present” from Qian, who fled the country after the raid.
Jian Wen was ultimately put on trial for assisting Qian in converting Bitcoin into cash, jewellery, and property.
While Wen denied all charges, Southwark Crown Court convicted her guilty of three counts of money laundering on March 20th.
Following the conviction, a group representing the scam victims set out to reclaim the Bitcoin purchased with their money, now worth $4.3 billion.
The group reportedly submitted a letter to China’s Ministry of Foreign Affairs, urging them to negotiate with the UK government for the return of the “huge amount” of seized
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