Wednesday, December 8, 2021

B.C. reaches forfeiture agreement in money laundering scheme

The province will keep more than $1.2m in cash, casino chips, gift cards and personal property, including jewelry, which was seized in a 2015 police raid. Caixuan Qin was accused of helping to run an underground bank in Richmond for Chinese gamblers.
2375 Burquitlam Dr. formerly owned by Caixuan Qin.The purchase of the six bedroom, six bathroom home by a co-worker involved was stopped when the B.C. Civil Forfeiture Office became aware. The office was suspicious the buyer was not at arm’s length, the price was too low, and the purchase money was “tainted.” The freeze order stipulated the property could only be sold to a “bona fide” third person at fair market value.

Caixuan Qin.
Ultimately, the court approved the most recent sale. Half the proceeds of the heavily mortgaged property goes to forfeiture. Caixuan Qin and spouse Jian Jun Zhu were named in the civil forfeiture suit that sought to seize the Vancouver home and another $2m in cash. Qin and Zhu operated Silver International that laundered as much as $220m a year. Criminal charges for money laundering were stayed in Nov 2018.

Jian Jun Zhu.
See ----->Money launderer Paul King Jin shot, Jian Jun Zhu murdered