Following investigation by the Metropolitan Police which resulted in the CPS seizing Bitcoin wallets with an estimated value of £2 billion an ex-takeaway worker has been convicted of becoming involved in a money laundering arrangement.
The CPS report that ‘prosecutors told the court the sheer scale of the seized Bitcoin, the lack of any legitimate evidence for how it was acquired and its connection to a massive investment fraud in China, all indicated that it was criminal property. The original fraud and acquisition of the Bitcoin was undertaken by another suspect who is yet to be arrested and brought before the court. Wen was involved in converting significant amounts of Bitcoin into cash and other expensive assets, on behalf of the international fraudster’.
From living a modest lifestyle in Leeds in 2016 residing above a Chinese takeaway a significant change in fortune saw a move in 2017 to a six-bedroom house in London with a monthly rental charge or £17,000.
It is reported that between Autumn 2017 and late 2018, the ex-takeaway worker ‘made efforts to purchase properties in London, valued at £4.5 million, £23.5 million, and £12.5 million’ She was hampered by difficulties converting sufficient Bitcoin into Sterling and by “know your customer” questions asked of her under anti-money laundering regulations. When challenged about the source of the proposed funding for the property purchases, she claimed it came from legitimate sources including Bitcoin mining, a claim that was ultimately not accepted by those she instructed to assist with the sale’.
She also travelled abroad extensively, throughout Europe and elsewhere, enabling the conversion of large amounts of Bitcoin into more tangible assets including jewellery purchased in Zurich and further properties purchased in Dubai.
Andrew Penhale, Chief Crown Prosecutor, said: “Bitcoin and other cryptocurrencies are increasingly being used by organised 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.”
Crypto currency scams are on the rise. If you have been affected by a scam, then please call us on 0800 368 5110 or email us at info@resolvedclaims.co.uk to discuss how we may be able to assist you.
