News - 27 August 2024 11:31

Local officers break up £55m money laundering ring in Hackney

A proactive investigation launched by officers in Stoke Newington uncovered a sophisticated international network of money laundering via Chinese underground banking.

Through data analysis and intelligence, officers discovered over £55 million had been laundered by the group between February 2020 and June 2023.

Four people - three men and one woman - were sentenced at Snaresbrook Crown Court on Monday 19 August for a range of money laundering offences. Three others were previously sentenced at Snaresbrook Crown Court on Friday, 14 June.

The seven people were sentenced to a total of 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 29 December 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 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 circumnavigate foreign currency controls which limits 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, and were instructed to take a photo of a £5 bank note, including the unique serial number. This was then passed onto the courier allowing the interaction to take place without either party knowing the identity of the other.

This was done by the group to prevent those in the chain giving information to police if they were arrested.

Officers also identified that Peng Liu, 28 (27.03.96), and Ang Li, 26 (12.06.98), of Peninsula Square, Canary Wharf, were assisting 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.

These mobile phones and computers were forensically searched by officers and included comprehensive ledgers of each consignment from February 2020 – June 2023, allowing the officers to value the earnings of the operation 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.”

This investigation demonstrates the work being undertaken by officers and staff, who are using innovative technology to tackle criminal activity linked to serious and organised crime as the Met builds A New Met for London. 

Note to editors

On Monday, 19 August at Snaresbrook Crown Court:

Qiji Wang, 29 (06.12.94), of Left Bank, Manchester, was sentenced to 12 years' imprisonment for conspiracy to money launder and operating an unregistered money service business.

Xiaoyu Shu, 29 (13.09.94), of Biscayne Avenue, Canary Wharf, was sentenced to three years and eight months' imprisonment for conspiracy to money launder, operating an unregistered currency exchange and possession of criminal property.

Yunchen Huang, 28 (27.09.95), of Biscayne Avenue, Canary Wharf, was sentenced to three years and four months' imprisonment for conspiracy to money launder, operating an unregistered currency exchange and possession of criminal property.

Ruolan Chen, 28 (21.08.96), of Left Bank, Manchester, was sentenced to two years' imprisonment for operating an unregistered money service business.

On Friday, 14 June at Snaresbrook Crown Court:

Peng Liu, 28 (27.03.96), of Peninsula Square, Canary Wharf, was sentenced to 18 months' imprisonment for acquiring and possessing criminal property.

Ang Li, 26 (12.06.98), of Peninsula Square, Canary Wharf, was sentenced to 18 months' imprisonment for operating an unregistered money service business and possession of criminal property.