This week, a Chinese woman made an appearance in a London court on money laundering charges of billions of dollars from Chinese nationals. Between 2014 and 2017, Wen Jian, 44, is accused of aiding in the concealment and transfer of £5 billion that was stolen from around 130,000 Chinese investors.
Prosecutors assert that Wen assisted Zhang Yadi, the purported Chinese fraud schemes, in money laundering victim-stolen funds. Zhang, under a false identity, escaped to the UK in 2017 after Chinese police started their investigation. She is accused of using Wen to assist in converting the Bitcoin money that was stolen into cash and assets in the UK.
Wen acknowledges managing the Bitcoin, but she disputes being aware of its connection to Zhang’s purported fraudulent scheme. According to her defense, she was an unaware participant. Whether the board finds that Wen knew about the money’s illegal origins will determine the outcome of the trial, which is scheduled to conclude in March.
Zhang is still at large on a global scale. The victims in China have not received a single penny of the £5 billion. In connection with the fraud schemes, Chinese authorities have made arrests, but they have not been able to apprehend Zhang or retrieve investor monies.