Woman Faces Trial in London for Alleged Bitcoin Money Laundering in £5 Billion Chinese Fraud Scheme

A woman is facing charges in a London court for allegedly converting Bitcoin into cash and property to facilitate the laundering of proceeds from a massive £5 billion ($6.3 billion) fraud in China. Wen Jian, aged 44, stands accused of aiding in concealing the source of funds believed to have been stolen from around 130,000 Chinese investors through fraudulent wealth schemes spanning from 2014 to 2017.

Wen Jian, who denies three counts of money laundering, is not implicated in the primary fraud, according to prosecutors at London’s Southwark Crown Court. The orchestrator of the fraud is identified as Zhang Yadi, also known as Qian Zhimin, named as the beneficiary of the alleged money laundering. Zhang reportedly fled to Britain with a false identity in 2017 when Chinese authorities initiated an investigation into the fraudulent scheme.

Prosecutor Gillian Jones detailed that individuals associated with the scheme had been apprehended in China, but Zhang remained elusive, and none of the embezzled money had been returned to the investors. Jones emphasized that Wen Jian served as a "front person" for Zhang, aiding in obscuring the source of the stolen funds. The funds were allegedly utilized to purchase Bitcoin, allowing for the removal of the proceeds from China.

Upon Zhang's arrival in London in 2017, the necessity arose to convert the Bitcoin back into cash or other valuable assets. Jones informed the jury that Wen Jian does not contest her involvement in dealing with the Bitcoin. The pivotal question for the jury, according to Jones, is whether Wen Jian was aware or suspected that the Bitcoin constituted the proceeds of criminal activity. The trial is expected to conclude in March.

By fLEXI tEAM