London Man Caught Running Illegal Money Exchange Scheme
Shunjian Jiang, 30, was busted in August 2016 for running an unregistered and unregulated money services business (MSB) from London. HM Revenue and Customs (HMRC) uncovered the scam where Jiang illegally exchanged sterling for Chinese yuan.
Luxury Fashion Front for Secret Currency Trading
Jiang bought high-end fashion items across the UK and sold them to customers in China, who paid in yuan. Using this stream of foreign cash, he advertised his dodgy sterling-to-yuan exchange service on UK online forums, raking in millions off the radar.
From his illegal profits, Jiang splashed out on a swanky property and led a lifestyle far beyond his lawful means.
£980,000 Confiscation Order or Jail Time
The courts have slapped Jiang with a massive £980,059 confiscation order. He must pay up within three months or face five years behind bars.
HMRC will recover the funds from seized or restrained assets, including:
- £25,000 worth of designer watches
- £41,000 in luxury clothes
- £220,000 held in a bank account
HMRC Cracks Down on Money Laundering
Nicola Dunk, Assistant Director, Fraud Investigation Service, said:
“Our fight doesn’t stop at conviction. HMRC will always claw back criminal cash and assets, putting the money back into vital services like hospitals and schools.”
“Jiang showed blatant disregard for the rules, funding his fancy lifestyle at the expense of honest businesses and taxpayers. This confiscation order helps us recover the proceeds of his crimes.”
“If you know anyone running an unregistered MSB, report them at gov.uk or call our Fraud Hotline on 0800 788 887.”
Legal Battle and Sentence
Jiang admitted guilt in July 2019. Police found over £40,000 of designer clothes set for export during a raid on his East London flat. Court records show he’d spent a staggering £465,000 on luxury fashion.
He was sentenced to eight months in jail, suspended for 18 months, and ordered to do 160 hours of unpaid community service. Jiang has since fled back to China after serving his sentence.
