A group of victims of an investment fraud scheme is calling for the Chinese government to negotiate with the UK government to recover 61,000 Bitcoin seized in a money laundering investigation. The Bitcoin is valued at $4.3 billion and is the result of a $6.2 billion wealth management fraud conducted by Chinese company Tianjin Lantian Gerui Electronic Technology between 2014 and 2017. More than 128,000 people were defrauded in the scheme, and the UK government became aware of the situation when ex-restaurant worker Jian Wen attempted to launder funds by purchasing a $30 million property with Bitcoin.
After Jian Wen and her boss Zhimin Qian, the suspected mastermind of the operation, were raided, investigators seized 61,000 Bitcoins worth $1.7 billion. Wen initially claimed the Bitcoin was mined but later admitted it was a gift from Qian, who fled the country after the raid. Wen was put on trial and convicted of three counts of money laundering. Following her conviction, a group representing the victims submitted a letter to China’s Ministry of Foreign Affairs requesting the return of the seized Bitcoin that was purchased with their money.
The victims are urging the Chinese and UK governments to work together to prove their status as legitimate owners of the seized Bitcoin. They have gathered almost 2,500 signatures from victims to support their claim and are adamant that the Bitcoin should be returned to them. The victims have suffered significant financial losses leading to family breakdowns, separation from children, indebtedness, and lack of funds for medical treatment. The UK government has not issued a statement on how it intends to deal with the seized Bitcoin, and Qian remains at large.
While the UK government typically divides confiscated assets between law enforcement agencies, the victims are adamant that the Bitcoin should be returned to them. Some victims have received partial refunds from a task force on the fraud headed by Tianjin authorities and have also received assistance from the country’s largest lender, the Industrial and Commercial Bank of China. It is estimated that around 207,000 people were affected by the fraudulent investment scheme, and further efforts are being made to return assets to the victims.
The victims of the investment fraud scheme are determined to reclaim the Bitcoin purchased with their money and are seeking the assistance of both the Chinese and UK governments to do so. They have faced significant economic losses as a result of the fraud scheme and are seeking justice and restitution for their suffering. Efforts are being made to prove their legitimate ownership of the seized Bitcoin and ensure that it is returned to them. The Chinese government has been approached by the victims’ group, and steps are being taken to pursue the return of the assets obtained through the fraudulent scheme.
