8 months ago
U.K. authorities seized 61,000 BTC valued astatine astir £1.4 cardinal (or $1.78 billion) related to an concern fraud that operated successful China, the Financial Times reported.
The mastermind down the fraud, Zhimin Qian, converted portion of the profits from a £5 cardinal concern scam operated successful China betwixt 2014 and 2017 into the apical cryptocurrency to facilitate the seamless transportation of funds from the Asian country.
Qian, present identified arsenic Yadi Zhang with a St. Kitts and Nevis passport, moved to the U.K. successful 2017. However, prosecutors said she has since fled the state and remains astatine large.
The authorities uncovered the fraudulent activities erstwhile Zhang enlisted the assistance of Jian Wen to launder the money, yet attracting attraction erstwhile attempting to acquisition a £23.5 cardinal mansion successful London. This led to a constabulary raid connected their £17,000-per-month rented apartment, resulting successful the seizure of galore integer wallets containing the 61,000 BTC.
Although not implicated successful the archetypal fraud, Wen is facing proceedings for 3 counts of wealth laundering. The prosecutors alleged that she assisted Zhang successful converting the integer assets into cash, jewelry, and different luxury items, arsenic good arsenic property, portion knowing it was the proceeds of crime.
Notably, their attempts to acquisition properties, including a £12.5 cardinal eight-bedroom location with a cinema and gym, with the BTC failed due to the fact that they could not explicate its source.
Wen has pleaded not blameworthy and contends that she is simply Zhang’s caregiver.
Meanwhile, this seizure aligns with a broader inclination of UK authorities cracking down connected amerciable cryptocurrency activities. On Jan. 26, the National Crime Agency announced the seizure of $150 cardinal linked to a multi-million-dollar cause enterprise.
In a planetary context, the U.S. and German authorities person besides taken similar actions recently. On Jan. 30, the German constabulary announced that they confiscated a grounds $2.3 cardinal worthy of amerciable cryptocurrency from a piracy website.
The station UK authorities prehend £1.4 cardinal successful Bitcoin linked to Chinese concern fraud scheme appeared archetypal connected CryptoSlate.
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