8 months ago
A British national precocious went connected proceedings successful the U.K. for laundering bitcoins connected behalf of a fugitive Chinese fraudster, Yadi Zhang. Prosecutors importune that Jian Wen was alert that Zhang’s bitcoins were acquired utilizing stolen funds. However, Wen defended her actions and said she thought Zhang had accumulated her wealthiness done her jewelry business, spot portfolio, and bitcoin mining operation.
Zhang’s Wealth Management Business
A British-Chinese woman, Jian Wen, is connected proceedings successful the U.K. for allegedly laundering bitcoins that were sourced with $6.3 cardinal stolen from much than 128,000 investors successful China. According to prosecutors, Wen is facing 3 charges of laundering wealth connected behalf of the Chinese nationalist Yadi Zhang.
Zhang, a fugitive from justice, is said to person perpetrated the expansive fraud via her bogus wealthiness absorption concern betwixt 2014 and 2017. Afterwards, she reportedly converted immoderate of the stolen wealth to bitcoin (BTC) earlier leaving for London nether a mendacious identity.
Upon arriving successful the U.K., Zhang sought the services of Wen to person her BTC into cash, jewellery, and different luxury items. The Crown Prosecution Service (CPS) alleges that Zhang’s eventual nonsubjective was “to disguise the existent root of the funds.”
During the trial, Gillian Jones, who represented the CPS, stated that portion Wen was not progressive successful the fraud, she whitethorn person known that Zhang’s bitcoins were proceeds from transgression activity. Jones urged the assemblage to inquire Wen if she was alert of Zhang’s transgression activities.
The lawyer argued that Wen, a naturalized British citizen, knowingly acted arsenic a beforehand for Zhang and was astir apt paid for it. However, Wen defended her actions and said she thought Zhang had accumulated her wealthiness done her jewellery business, spot portfolio, and bitcoin mining operation.
The proceedings is expected to tally until aboriginal March, according to the report.
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