A proactive investigation launched by officers in Stoke Newington uncovered a sophisticated international money laundering network via Chinese underground banking.
Through data analysis and intelligence, officers discovered that the group had laundered over £55 million between February 2020 and June 2023.
Four people – three men and one woman – were sentenced at Snaresbrook Crown Court on Monday, August 19, for a range of money laundering offences. Three others were previously sentenced at Snaresbrook Crown Court on June 14.
The seven people were sentenced to 24 years and 11 months between them.
DC Zach Rowe of the Stoke Newington Proactive Crime Team said: “Thanks to the hard work and perseverance of highly skilled officers in the Met, we have been able to disrupt a sophisticated economic crime operation. The sheer scale of this laundering will generate crimes such as illegal drug supply, prostitution, human trafficking and more.
“This verdict and the lengthy three-year investigation that led to it demonstrates that we’ll leave no stone unturned in our pursuit to catch criminals who look to enjoy the proceeds of illicit funds – no matter how complex the case.”
Increasing concerns around underground banking led Stoke Newington officers to begin investigating the group.
On December 29, 2022, officers conducted two simultaneous warrants. While searching the first address, belonging to Xiaoyu Shu, 29 (13.09.94), and Yin Ying Wang, 28 (28.10.95), both of Biscayne Avenue, Canary Wharf, they found more than £104,000 in a carrier bag hidden in a wardrobe.
The second warrant took place at the address of Yunchen Huang, 28 (27.09.95), of Biscayne Avenue, Canary Wharf, where multiple cash counting machines and money bags were discovered.
Officers seized a total of almost £500,000 in assets from the group.
Specialist officers then undertook a comprehensive analysis of Shu and Huang’s mobile phones, revealing that the pair were using a Chinese messaging app to sell British pounds to university students to circumvent foreign currency controls, which limit the amount of cash that can be taken out of China per year.
The messages also identified that Shu and Huang were working for a person with the user handle ‘There is a Big Sun in the Sky’. This person arranged for the pair to collect large amounts of cash, sometimes as large as a quarter of a million pounds at a time.
Shu and Huang were not told the identities of those they collected cash from. They were instructed to take a photo of a £5 banknote, including the unique serial number. The courier then passed this photo on, allowing the interaction to take place without either party knowing the other’s identity.
The group did this to prevent those in the chain from giving information to police if they were arrested.
Officers also identified Peng Liu, 28 (27.03.96), and Ang Li, 26 (12.06.98), of Peninsula Square, Canary Wharf, as helping the group by operating an unregistered money business. When officers searched their address in Peninsular Square, Canary Wharf, in June 2023, they located counting machines and £14,600.
Officers were then able to identify that Qiji Wang, 29 (06.12.94), of Left Bank, Manchester, was the head of the group and responsible for the handle ‘There is a Big Sun in the Sky’. When searching his address in Manchester, they discovered numerous mobile phones, computers, bank cards in others’ names and a cash counting machine.
Officers forensically searched these mobile phones and computers, which included comprehensive ledgers of each consignment from February 2020 to June 2023. This allowed the officers to value the operation’s earnings at over £55 million.
Benn Maguire, lead counsel from QEB Hollis Whiteman, said, “The assiduous and relentless commitment of DC Rowe and his team to investigating this case has resulted in dismantling a professional gang of international money launderers. The gang laundered vast sums of cash (in excess of £55 million) on behalf of those involved in organised crime. This successful prosecution has eviscerated the criminal operation, preventing those involved in crime from profiting from their wrongdoing.”
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