A former takeaway worker found with Bitcoin worth more than £2bn was jailed for six years and eight months for a crime linked to money laundering on Friday. Jian Wen, 42, from Hendon, in north London, was involved in converting the currency into assets including multi-million-pound houses and jewellery.
At Southwark Crown court in March, she was convicted of entering into or becoming concerned in a money laundering arrangement. The Metropolitan Police said at the time of the conviction the seizure was the largest of its kind in the UK.
Wen's criminal activities extended to the conversion of Bitcoin into valuable assets, such as multi-million-pound properties and exquisite jewellery. She attempted to buy a series of high-value properties in London but encountered difficulties passing money-laundering checks. Her claims of having earned millions from Bitcoin mining were met with skepticism.
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The investigation, led by the Metropolitan Police, involved extensive searches at several locations, the review of 48 electronic devices, and the examination of thousands of digital files, many of which were translated from Mandarin. The police also obtained a High Court freezing order while conducting a civil recovery investigation that could result in the forfeiture of the Bitcoin.
Detective Chief Superintendent Jason Prins, who led the investigation, stated, "The sheer scale of this operation highlights how international criminals exploit cryptocurrency for illicit purposes." He continued, "This verdict and the five-year investigation underscore our commitment to apprehending criminals who enjoy the proceeds of illicit funds, regardless of the complexity of the case".
Andrew Penhale, Chief Crown Prosecutor, emphasized, "Bitcoin and other cryptocurrencies are increasingly used by organized criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct. This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters".
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Wen's new lifestyle saw her move into a six-bedroom house in north London, renting it for over £17,000 per month. She posed as an employee of an international jewellery business and relocated her son to attend a private school in the UK. Her attempts to buy properties in London were hampered by difficulties converting sufficient Bitcoin into Sterling and by "know your customer" questions asked of her under anti-money laundering regulations.
In an interview with BBC Radio London, Wen stated that she had been gifted 3,000 Bitcoin, then valued at approximately £15 million, by her employer. However, her claims of having earned millions from Bitcoin mining were not believed.
The case highlights the growing threat of cryptocurrency-related fraud and the need for law enforcement agencies to adapt to these new forms of criminal activity. As the use of cryptocurrencies continues to grow, it is essential that authorities remain vigilant in their efforts to prevent and prosecute these crimes.
For readers, the question remains: How can we ensure that the increasing use of cryptocurrencies does not facilitate further criminal activity, and what measures can be taken to prevent the misuse of these digital currencies?
Citations:
Specialist CPS team involved in UK's largest Bitcoin seizure
Met detectives secure justice as part of the largest Bitcoin seizure in UK ...
Woman found with £2bn in Bitcoin jailed for money laundering - BBC
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