Authorities Raid in $30M Ends in $1.7B Seizure 

Jian Wen tried buying a $30M house using Bitcoin from a suspected swindler.

Authorities allegedly seized $1.7B worth of Bitcoin after an ex-restaurant employee tried purchasing a $30M mansion in London. A January 30 report revealed that Jian Wen, a Chinese citizen who became a UK citizen in 2018, was purportedly hired to help Zhimin Qian in laundering funds.

Qian Accused of Committing Investment Fraud in China

 Qian arrived in Britain using a false identity and required aid in tidying up the funds acquired from an investment fraud plan initiated in China from 2014 to 2017. Before meeting Qian, Wen was an employee at a Chinese restaurant in southeast London. Additionally, he lived in a room below the restaurant before meeting her ‘master’ whom she introduced as an employee in a global jewelry business. 

According to Gillian Jones, Wen tried to use Bitcoin to purchase luxury items and real estate in London. This entailed a seven-bedroom residence in Hamstead with a swimming pool whose market value was $30M. However, the purchases were unsuccessful after Wen failed to explain the crypto assets’ origin.

Gillian revealed to the jury that Wen did not participate in the fraud executed by Qian. Nevertheless, she is accused of turning Bitcoin into luxury items, cash, and retail estate on Qian’s behalf.

Authorities Seize 61,000 Bitcoin Units Valued $1.7 Billion

Authorities swooped on a house rented by the two and seized several devices comprising over 61000 Bitcoins with a valuation of $1.7B. Earlier, Wen revealed she had mined the crypto she held. Afterward, she gave a different narrative, claiming it was a ‘love gift,’ submitting a deed showing she obtained 3000 Bitcoins from Qian.

Wen is on trial at the Southwark Crown Court for three money laundering counts between October 2017 and January 2022. She disputes the charges, while Qian has already left Britain and remains at large.