London Man Caught Running Illegal Money Exchange Service
Shunjian Jiang, 30, was nabbed in August 2016 after HM Revenue and Customs (HMRC) uncovered his unregistered and illegal money service business (MSB). The London-based operator was trading high-end fashion items in the UK and selling them to customers in China, using the Chinese yuan to fund his shady currency exchange scheme.
Luxury Lifestyle Funded by Crime
Jiang used his criminal profits to buy property and live beyond his means. Now, HMRC has slapped him with a massive £980,059 confiscation order. He must pay up within three months or face five years behind bars.
- Assets seized include a house
- £25,000 worth of designer watches
- £41,000 in designer clothes
- £220,000 frozen in a bank account
HMRC Cracks Down on Rogue Operators
“Our work doesn’t stop at conviction and HMRC will always seek to reclaim criminal money and assets, which are redistributed into the public purse to help fund vital services such as hospitals and schools,” said Nicola Dunk, Assistant Director of HMRC’s Fraud Investigation Service.
“Jiang showed a complete disregard for the rules and by operating an unauthorised MSB was funding his lifestyle at the expense of honest businesses and the taxpayer. With this confiscation order we are now recovering money he made from his crime.”
HMRC urges anyone aware of unregistered MSBs to report them via gov.uk or call the Fraud Hotline on 0800 788 887.
Guilty Plea and Suspended Jail Sentence
Jiang pleaded guilty in July 2019 after a search of his East London flat uncovered over £40,000 worth of designer clothes set for export to China. He had splashed out around £465,000 on luxury items.
Southwark Crown Court sentenced him to eight months jail, suspended for 18 months, plus 160 hours of unpaid community work. Jiang has since fled back to China following the sentence.
