Victims of an investment fraud scheme orchestrated by an electronics company in China are seeking to recover $4.3 billion worth of Bitcoin with the assistance of the United Kingdom government.
The scam, facilitated by Tianjin Lantian Gerui Electronic Technology from 2014 to 2017, amounted to a $6.2-billion investment scheme. The victims, representing a group affected by the fraud, have taken action to retrieve the Bitcoin bought with their funds.
The group has submitted a letter to China’s Ministry of Foreign Affairs, urging negotiation with the U.K. government for the return of the seized Bitcoin. They have also reached out to China’s Ministry of Public Security, gathering signatures from nearly 2,500 victims to support their cause.
In the letter, the victims demand cooperation from the Chinese government to work with the U.K. and provide evidence establishing their rightful ownership of the Bitcoin. They emphasize their refusal to accept a scenario where the Bitcoin remains confiscated by the U.K.
The U.K. authorities seized the cryptocurrency following an attempt by former hospitality worker Jian Wen to launder funds by purchasing a $30-million mansion with BTC. Subsequent investigations led to the discovery of 61,000 BTC in a property rented by Wen and her boss, Zhimin Qian, suspected mastermind of the fraud.
Wen faced charges of money laundering between October 2017 and January 2022. Despite denying the allegations, Wen was found guilty by the Southwark Crown Court on March 20. The BTC, initially seized in 2021 and now valued at $4.3 billion, remains a subject of legal and diplomatic contention between China and the U.K.
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