Nikolas Sargeant
Formerly residing above a Chinese restaurant in Leeds, Jian Wen, 42, has been convicted of involvement in a money laundering scheme, marking one of the largest seizures of its kind. She was implicated in converting cryptocurrency, notably bitcoins valued at over £2 billion, into assets including high-value properties and substantial amounts of jewelry.
Wen's lavish lifestyle, including her move to a luxurious six-bedroom residence in north London with a monthly rent exceeding £17,000, and her purported affiliation with an international jewelry firm, caught the attention of authorities, according to the Crown Prosecution Service (CPS).
In addition, Wen relocated her son to the UK for attendance at a prestigious private school. Despite her claims of substantial earnings from bitcoin mining, Wen encountered difficulties passing money laundering checks while attempting to purchase extravagant properties in London starting in autumn 2017.
Throughout 2019, Wen continued her spending spree, acquiring jewelry worth tens of thousands of pounds in Zurich and properties in Dubai. Prosecutors assert that the origins of the bitcoins remain illegitimate, alleging a connection to an investment scam in China.
Wen was convicted on Wednesday of participating in a money laundering arrangement involving 150 bitcoins valued at approximately £7.5 million. However, the Metropolitan Police, in their investigation, linked her to a broader fraudulent operation, resulting in the seizure of over 61,000 bitcoins, initially valued at £2 billion but now worth £3.4 billion due to the recent surge in cryptocurrency values.
The CPS has obtained a freezing order from the High Court to facilitate a civil recovery investigation, potentially leading to the forfeiture of the cryptocurrency.
Chief Crown Prosecutor Andrew Penhale emphasized the growing use of cryptocurrencies by organized criminals to obscure and transfer assets. He underscored the significance of Wen's conviction, representing the largest cryptocurrency seizure in the UK, and affirmed the commitment of law enforcement to confiscate criminal assets, ensuring they remain beyond the reach of fraudsters.
