TWO blocks of student accommodation in Coventy have been forfeited to police after a National Crime Agency (NCA) investigation.
Mr Wenjun Tian and Ms Jiangbo Hao, both Chinese nationals, have agreed to forfeit two luxury residential properties in London’s Hampstead suburb alongside the two properties in Coventry and monies held in several bank accounts.
Following the NCA’s civil recovery and frozen funds investigation, they suspect these assets totaling £12 million were a result of large-scale financial frauds committed in China and money laundering of this criminality in overseas jurisdictions, including the UK and Jersey.
Mr Tian and Ms Hao failed to provide any reasonable explanation for the source of funds used to purchase their properties or for the substantial sums of money held in their bank accounts.
The pair have denied engaging in any criminal activity whatsoever and the High Court did not find any evidence against them.
The Consent Order does not represent a criminal finding of guilt.
Rob Burgess, head of asset denial at the NCA, said: “The NCA uses both civil and criminal powers to investigate the provenance of assets in the UK where they are believed to have been acquired with the proceeds of crime, including when the suspected criminality was committed overseas.
“This case involved co-operation with law enforcement colleagues in Jersey and the authorities in China.”
Jonathan Groom, director of FIU Jersey added: “Collaboration and partnership, in particular with our close colleagues in the NCA, remains of prime importance to Jersey.
“This settlement involved the co-operation and assistance of the Financial Intelligence Unit Jersey in identifying associated offshore assets that form part of the agreement.”
