London Police Uncover £55 Million International Money Laundering Network

Metropolitan Police in London have successfully dismantled a sophisticated international money laundering network, which had funneled more than £55 million through Chinese underground banking channels between February 2020 and June 2023. The extensive investigation was led by detectives based at Stoke Newington station, who were initially alerted by growing concerns around underground banking operations.

In December 2022, officers executed a raid on a property belonging to Xiaoyu Shu, 29, and Yin Ying Wang, 28, both of Biscayne Avenue, Canary Wharf. During the search, police discovered more than £104,000 in cash hidden in a carrier bag within a wardrobe. In a related operation, detectives searched the residence of Yunchen Huang, 28, also of Biscayne Avenue, Canary Wharf, where they found multiple cash counting machines and money bags.

In total, nearly £500,000 in assets were seized from the group. The investigation was further advanced when specialist officers conducted a thorough analysis of Shu and Huang’s mobile phones. The analysis revealed that the pair were using a Chinese messaging app to sell British pounds to university students, circumventing China’s strict foreign currency controls that limit the amount of money that can be taken out of the country each year.

Further investigation into the messages revealed that Shu and Huang were working for an individual known only by the user handle "There is a Big Sun in the Sky." This individual coordinated the collection of large sums of cash, sometimes amounting to as much as a quarter of a million pounds at a time. To maintain anonymity, Shu and Huang were instructed to photograph a £5 banknote, including its unique serial number, which was then sent to the courier. This process ensured that neither party knew the identity of the other, thereby minimizing the risk of information being leaked to the police in the event of an arrest.

The investigation also identified Peng Liu, 28, and Ang Li, 26, both of Peninsula Square, Canary Wharf, as key figures assisting the operation by running an unregistered money service business. When officers searched their residence in June 2023, they found additional counting machines and £14,600 in cash.

Detectives were eventually able to trace the mastermind behind the operation, identified as Qiji Wang, 29, of Left Bank, Manchester, who was responsible for the "There is a Big Sun in the Sky" handle. A search of Wang’s Manchester residence uncovered numerous mobile phones, computers, bank cards in other names, and a cash counting machine. Forensic examination of these devices revealed comprehensive ledgers documenting the group’s transactions from February 2020 to June 2023, confirming that over £55 million had been laundered through the operation.

Following their arrests, four individuals—three men and one woman—were sentenced at Snaresbrook Crown Court for a range of money laundering offences. Three others were sentenced earlier, on Friday, 14 June, at the same court. In total, the seven individuals received a combined sentence of 24 years and 11 months in prison.

DC Zach Rowe of the Stoke Newington Proactive Crime Team, who led the investigation, commented on the successful operation: “Thanks to the hard work and perseverance of highly skilled officers in the Met, we have been able to disrupt a sophisticated economic crime operation. The sheer scale of this laundering will generate crimes such as illegal drug supply, prostitution, human trafficking, and more. This verdict and the lengthy three-year investigation that led to it demonstrate that we’ll leave no stone unturned in our pursuit to catch criminals who look to enjoy the proceeds of illicit funds—no matter how complex the case.”

Lead counsel Benn Maguire from QEB Hollis Whiteman praised the efforts of the police team, stating: “The assiduous and relentless commitment of DC Rowe and his team to investigating this case has resulted in dismantling a professional gang of international money launderers. The gang laundered vast sums of cash (in excess of £55 million) on behalf of those involved in organized crime. This successful prosecution has eviscerated the criminal operation, preventing those involved in crime from profiting from their wrongdoing.”

On Monday, 19 August, at Snaresbrook Crown Court, the following sentences were handed down:

- Qiji Wang, 29, of Left Bank, Manchester, received 12 years’ imprisonment for conspiracy to launder money and operating an unregistered money service business.

- Xiaoyu Shu, 29, of Biscayne Avenue, Canary Wharf, was sentenced to three years and eight months’ imprisonment for conspiracy to launder money, operating an unregistered currency exchange, and possession of criminal property.

- Yunchen Huang, 28, of Biscayne Avenue, Canary Wharf, was sentenced to three years and four months’ imprisonment for conspiracy to launder money, operating an unregistered currency exchange, and possession of criminal property.

- Ruolan Chen, 28, of Left Bank, Manchester, was sentenced to two years’ imprisonment for operating an unregistered money service business.

Previously, on Friday, 14 June, the following sentences were issued:

- Peng Liu, 28, of Peninsula Square, Canary Wharf, received 18 months’ imprisonment for acquiring and possessing criminal property.

- Ang Li, 26, of Peninsula Square, Canary Wharf, received 18 months’ imprisonment for operating an unregistered money service business and possession of criminal property.

- Yin Ying Wang, 28, of Biscayne Avenue, Canary Wharf, was sentenced to 11 months’ imprisonment for possession of criminal property.

By fLEXI tEAM