The main suspect Qian XX in the Blue Sky Ge Rui case denies money laundering charges in the UK.

In May, Qian Moumou, the main suspect in the case of illegal public deposit absorption by Lantian Ge Rui, was arrested in the UK. Recently, Qian Moumou pleaded not guilty to the charges of Bitcoin Money Laundering at the Southwark Crown Court in London. This case is not only the largest Bitcoin-related case in the UK but also involves the interests of hundreds of thousands of Chinese investors.

The Mysterious Background of Qian Moumou

The true identity of Qian Moumou has always been a mystery. In March 2014, he registered Tianjin Ge Rui Electronic Technology Co., Ltd. in Tianjin with others, promoting so-called "capital-preservation high-yield" short-term investment financial products to the elderly. These products promised an annualized return of up to 100% to 300%, with an investment period of 6 to 30 months.

In an environment with lax regulation at the time, Blue Sky Ge Rui rapidly expanded, establishing dozens of branch offices nationwide and attracting over 100,000 investors. Through this method, Mr. Qian accumulated hundreds of billions of funds in a short period.

There are many contradictory statements regarding the background of Qian Moumou. There are rumors that he holds a PhD from Tsinghua University, but this claim lacks verification. Other sources say he studied in the United States and is proficient in finance. Some people say he had a car accident in China, which left him with limited mobility and in need of a wheelchair.

Bitcoin Money Laundering Plan

Mr. Qian has been paying attention to the Bitcoin industry since 2013, establishing a sizable "mining farm," and publicly claiming to provide mining machine hosting services with a promised annualized return of 300%. Through Bitcoin mining, he gradually recognized the advantages of Bitcoin in terms of fund transfer and Money Laundering.

During the regulatory gap of crypto assets, Mr. Qian instructed to convert a large amount of funds absorbed by Lantian Ge Rui into Bitcoin through certain trading platforms. This strategy not only allows for quick profits but also leaves a backdoor for potential regulatory evasion in the future.

Case Progress and Asset Disposal

In April 2017, the public security organs initiated an investigation against Lantian Ge Rui for suspected illegal absorption of public deposits. In June 2019, the Hedong Branch of the Tianjin Public Security Bureau reported that 50 criminal suspects, including the company's legal representative, had been arrested. In February 2021, the Hedong District People's Court of Tianjin publicly tried the case and found that from June 2014 to August 2017, Lantian Ge Rui illegally absorbed over 40.2 billion yuan in public deposits.

Qian Moumou, after the incident, used the alias "Zhang Yadi" and entered the UK with a St. Kitts and Nevis passport. He carried a laptop that contained a Bitcoin cold wallet with a large amount of illegally raised funds. According to audits, Lantian Ge Rui raised over 40.2 billion yuan in total, of which more than 1.14 billion yuan was used to purchase Bitcoin.

Currently, the UK Crown Prosecution Service has initiated civil recovery proceedings to freeze assets. If no other claims of rights to these assets are made, the assets will be split between the UK police and the Home Office.

Investors Face Challenges in Recovering Losses

For Chinese investors, recovering losses will be a long and arduous process. The UK side has stated that it is necessary to wait for the case verdict before advancing the recovery process based on the debt registration situation. This process may take quite a long time, similar to the handling procedures of other large financial fraud cases.

This case serves as a reminder for investors to remain vigilant and avoid falling into the temptation of high return promises. When faced with seemingly attractive investment opportunities, investors should carefully assess the risks and not let overly high return expectations cloud their judgment.