Singaporean
woman, Wen Jian, has been sentenced to six years and eight months in prison by
a London court for her role in laundering Bitcoin (BTC) tied to a staggering
$6.4 billion Chinese fraud.
The case,
which involved the seizure of over 61,000 BTC by the UK police, has shed light
on the growing prevalence of cryptocurrency in global financial crimes.
According
to prosecutors, the $6.4 billion fraud was orchestrated by another woman who
Wen believed to be independently wealthy. This individual allegedly defrauded
nearly 130,000 Chinese investors through fraudulent wealth schemes between 2014
and 2017. When Chinese authorities started investigating the fraud in 2017, the
mastermind fled to Britain.
Wen’s role
in the scheme was to help conceal the source of the stolen money by converting
it into Bitcoin , taking it out of China, and then converting it back into cash
and property. Prosecutors argued that Wen should have been aware that the money
was obtained illegally, but she maintained her innocence throughout the trial.
As part of
their investigation, British police seized wallets containing over 61,000 BTC,
making it one of the largest cryptocurrency seizures by law enforcement
worldwide. The seized tokens were worth approximately £1.4 billion when police gained access in 2021 and have since appreciated to over £3 billion.
Wen Jian, who was accused of assisting in a $6.4 billion bitcoin laundering fraud, was jailed for seven years after a trial in a London court. Prosecutors said she helped hide the source of money allegedly stolen from nearly 130,000 Chinese investors https://t.co/ynGPKX5GBZ
— Reuters Legal (@ReutersLegal) May 25, 2024
The Trial and Sentencing
Wenss defense lawyer Mark Harries painted a picture of a woman who had fallen prey to the machinations of a criminal mastermind. Harries argued that Wen was not a
willing participant in the multi-billion dollar fraud and subsequent bitcoin
laundering scheme but rather another victim of an “expert criminal
supervillain” who had exploited her dependability and ultimately discarded
her when she was no longer of use.
The women
faced three counts of money laundering at Southwark Crown Court. In March, a
jury found her guilty of one count but could not reach a verdict on the
other two.
During the
sentencing hearing, Judge Sally-Ann Hales acknowledged that there was no
evidence suggesting Wen’s involvement in the underlying fraud. However, the
judge stated that she had “no doubt” Wen knew she was dealing with
criminal property.
Wen, who
claimed she was trying to provide a better life for her son, was ultimately
sentenced to six years and eight months in prison for a single count of money
laundering.
The woman convicted in this case became a typical “money mule,” a person tasked with laundering illegally obtained funds, thereby shifting potential responsibility for this operation onto her. The US CFTC had warned about this type of scam two weeks ago.
Singaporean
woman, Wen Jian, has been sentenced to six years and eight months in prison by
a London court for her role in laundering Bitcoin (BTC) tied to a staggering
$6.4 billion Chinese fraud.
The case,
which involved the seizure of over 61,000 BTC by the UK police, has shed light
on the growing prevalence of cryptocurrency in global financial crimes.
According
to prosecutors, the $6.4 billion fraud was orchestrated by another woman who
Wen believed to be independently wealthy. This individual allegedly defrauded
nearly 130,000 Chinese investors through fraudulent wealth schemes between 2014
and 2017. When Chinese authorities started investigating the fraud in 2017, the
mastermind fled to Britain.
Wen’s role
in the scheme was to help conceal the source of the stolen money by converting
it into Bitcoin , taking it out of China, and then converting it back into cash
and property. Prosecutors argued that Wen should have been aware that the money
was obtained illegally, but she maintained her innocence throughout the trial.
As part of
their investigation, British police seized wallets containing over 61,000 BTC,
making it one of the largest cryptocurrency seizures by law enforcement
worldwide. The seized tokens were worth approximately £1.4 billion when police gained access in 2021 and have since appreciated to over £3 billion.
Wen Jian, who was accused of assisting in a $6.4 billion bitcoin laundering fraud, was jailed for seven years after a trial in a London court. Prosecutors said she helped hide the source of money allegedly stolen from nearly 130,000 Chinese investors https://t.co/ynGPKX5GBZ
— Reuters Legal (@ReutersLegal) May 25, 2024
The Trial and Sentencing
Wenss defense lawyer Mark Harries painted a picture of a woman who had fallen prey to the machinations of a criminal mastermind. Harries argued that Wen was not a
willing participant in the multi-billion dollar fraud and subsequent bitcoin
laundering scheme but rather another victim of an “expert criminal
supervillain” who had exploited her dependability and ultimately discarded
her when she was no longer of use.
The women
faced three counts of money laundering at Southwark Crown Court. In March, a
jury found her guilty of one count but could not reach a verdict on the
other two.
During the
sentencing hearing, Judge Sally-Ann Hales acknowledged that there was no
evidence suggesting Wen’s involvement in the underlying fraud. However, the
judge stated that she had “no doubt” Wen knew she was dealing with
criminal property.
Wen, who
claimed she was trying to provide a better life for her son, was ultimately
sentenced to six years and eight months in prison for a single count of money
laundering.
The woman convicted in this case became a typical “money mule,” a person tasked with laundering illegally obtained funds, thereby shifting potential responsibility for this operation onto her. The US CFTC had warned about this type of scam two weeks ago.
