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A multi-billion dollar bitcoin laundering case has reportedly revealed how estate agents in Dubai attempted to launder funds via the sale of Scottish land in a ‘starkly fraudulent’ scheme.
Former takeaway worker Jian Wen was convicted last week of laundering billions of dollars worth of bitcoin on behalf of fugitive Chinese fraudster, Zhimin Qian.
As reported by the Financial Times, during her prosecution, messages between Wen and Dubai-based estate agent Michael James Burke revealed a possible property deal in Scotland that would supposedly offer ‘a 100% return on paper.’
Burke told Wen that he has “played with the valuation and the purchase price,” of his Scottish land to ensure a lucrative return. He said they accept cash or bitcoin before offering buyers a loan that can make “100% profit over two years.”
Scottish bitcoin scheme was ‘starkly fraudulent’
Prosecutor Gillian Jones claimed during Wen’s proceedings that Burke’s offerings were “another money laundering scheme, plain and simple,” and that it “stands out starkly as being something that’s fraudulent.”
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Burke owns the estate agency Alba Group and was acquainted with Wen in 2018 after she struggled to buy property with Qian’s illicitly obtained bitcoin.
He told Wen, “I know how to help you and make this work. Not just this property. But globally. Bank accounts. Funds. Trusts. Art. Property etc . . . this is my main business.”
Burke reportedly helped Wen sell 92 bitcoins through his Seychelles and Switzerland-based companies. He also used another firm he owned to help Wen purchase two properties in Dubai for £518,000 ($650,000).
It’s worth noting there was no evidence Wen invested in any of the Scottish land developments suggested by Burke.