The main culprit of the Blue Sky Ge Rui case pleads not guilty in the UK, the road to debt recovery is long.

Recently, the main suspect in the Blue Sky Ge Rui case, Qian Moumou, who is suspected of illegally absorbing public deposits, pleaded not guilty to Bitcoin money laundering charges at the Southwark Crown Court in London. This case has attracted widespread attention, so let's review the details of the case and the background of Qian Moumou.

The Mysterious Background of Qian Moumou

In March 2014, a certain Qian and others established Tianjin Ge Rui Electronic Technology Co., Ltd. in Tianjin, starting to sell so-called "capital-protected high-yield" short-term investment and financial products to the elderly. These products promised investment periods of 6 to 30 months, with annualized returns as high as 100% to 300%. Through a pyramid scheme-like dissemination, Lan Tian Ge Rui quickly established dozens of branches nationwide, attracting over 100,000 victims.

There are many doubts regarding the identity of Qian Moumou. Although official propaganda claims that he holds a doctorate from a well-known university, there are no relevant records upon verification. Some investors claim that Qian Moumou studied in the United States and is proficient in finance. There are also rumors that he was involved in a car accident and now requires a wheelchair for daily mobility. In 2016, at a promotional event held by Lantian Ge Rui in Beijing, Qian Moumou did indeed appear in a wheelchair and was carried onto the stage.

Bitcoin Money Laundering Techniques

It is worth noting that Mr. Qian started engaging in Bitcoin mining as early as 2013. He established a sizable "mining farm" and publicly claimed to provide mining machine hosting services, promising an annualized return of 300%. Through Bitcoin mining, Mr. Qian gradually realized the "advantages" of cryptocurrencies in terms of fund transfer and money laundering.

Subsequently, Qian instructed to convert the large sums of money absorbed by Lantian Ge Rui into Bitcoin through certain trading platforms. This practice not only provided concealment for illegal funds but also left a way out for potential escape.

Case Progress and Asset Recovery

In April 2017, public security authorities launched an investigation into Blue Sky Ge Rui for suspected illegal public deposit solicitation. In June 2019, Tianjin police reported the arrest of 50 criminal suspects, including the company's legal representative. In February 2021, the People's Court of Hedong District, Tianjin publicly tried the case, and the legal representative, Ren XX, was sentenced to 10 years in prison for participating in the illegal solicitation of over 40.2 billion yuan in public deposits.

Qian Moumou used the alias "Zhang Yadi" after the incident and entered the UK with a Saint Kitts and Nevis passport. It is reported that the laptop he carried contained a Bitcoin cold wallet, which holds a large amount of illegally raised funds. Currently, 128,000 Chinese investors are actively seeking recovery, but they face multiple difficulties such as cross-border debt collection and the identification of ownership of virtual currencies.

According to a special audit, Blue Sky Ge Rui has raised more than 40.2 billion yuan, of which approximately 1.14 billion yuan was used to purchase Bitcoin. This means that when Mr. Money was arrested in the UK, he held virtual assets worth at least 1 billion yuan.

The Crown Prosecution Service has initiated civil recovery proceedings to freeze assets. If no other individuals or entities claim rights to these assets, half will belong to the UK police, while the other half will be allocated to the Home Office for dealing with criminal proceeds and preventing further crimes.

The Road to Investor Recovery is Long

For Chinese investors, recovering losses is not an easy task. The British side stated that it is necessary to wait for the case ruling before proceeding with the recovery process based on the registered creditor situation. This process could be quite lengthy, similar to the handling procedures of other large financial fraud cases.

This case serves as a warning to investors: it is essential to remain vigilant when faced with the promise of high returns, and never let greed lead you into the trap of scams. Rational analysis and a cautious attitude are crucial when making investment decisions.