In a gripping turn of events, a British-Chinese woman, Jian Wen, has been found guilty of money laundering at Southwark Crown Court in London. The conviction revolves around her alleged involvement in aiding a fugitive Chinese national, Yadi Zhang, to launder bitcoin proceeds from a staggering £5 billion investment fraud.
Woman Guilty Of Laundering Proceeds Of £5B Bitcoin Fraud : Conviction and Allegations
Wen, formerly employed at a takeaway restaurant, faced accusations of serving as a front for Zhang, who stands accused of defrauding over 128,000 investors in China between 2014 and 2017. Prosecutors asserted that Wen played a crucial role in converting stolen cash into cryptocurrency. She purportedly attempted to acquire luxury properties and other extravagant items using the laundered bitcoins.
While Wen was convicted on one count of money laundering, jurors could not reach a verdict on two separate accounts. Nonetheless, the prosecution has chosen not to pursue a retrial on the outstanding charges.
Intricate Transactions
Central to the case was the sale of 92 bitcoins, valued at over £2 million at the time, to Michael Burke, a Dubai-based adviser. Burke, though not a defendant, facilitated the transfer of proceeds into a Dubai bank account and further channeled funds to Zhang, allegedly aiding in the acquisition of properties in Dubai.
Woman Guilty Of Laundering Proceeds Of £5B Bitcoin Fraud : Trial Drama and Acquittal
Wen’s legal battle saw its share of drama as she was acquitted of ten counts of money laundering in March 2022. However, jurors were deadlocked on three counts, prompting a retrial that commenced in January. Prosecutors contended that Wen acted as a conduit to obscure the illicit origins of the embezzled funds.
Denials and Suspicion
Throughout the trial, Wen vehemently denied any wrongdoing, asserting that she never intentionally misled authorities or financial institutions. She maintained that her dealings in bitcoin were not indicative of her awareness of its criminal origins. Despite mounting evidence, Wen remained adamant about her innocence, expressing unwavering trust in Zhang, who remains at large.
Seized Assets and Legal Maneuvers
The case took a dramatic turn when authorities seized £1.4 billion in bitcoin after Wen’s repeated attempts to acquire luxury properties in Britain. Testimonies from legal experts revealed Wen’s discomforting evasion regarding the source of the bitcoin funds.
Legal Representation and Ongoing Proceedings
In this high-stakes legal battle, Wen is represented by Mark Harries KC of Serjeants’ Inn Chambers and Kevin Barry of the 36 Group, instructed by Gary Bloxsome of Blackfords LLP. The Crown Prosecution Service, on the other hand, is being represented by Gillian Jones KC and Max Baines of Red Lion Chambers.
