Zhimin Qian, 47, defrauded more than 128,000 victims in China before attempting to launder cryptocurrency through UK property purchases. UK authorities convicted the Chinese woman for a major role in a Bitcoin fraud after the world’s largest cryptocurrency seizure, valued at more than £5.5 billion (€6.3 billion). Qian, also known as Yadi Zhang, admitted guilt on Monday at Southwark Crown Court in London for illegally acquiring and holding cryptocurrency. Her guilty plea followed a seven-year international money-laundering investigation, Metropolitan Police confirmed.
Seven-Year Probe and Seizure of Assets
Police stated that Qian orchestrated large-scale fraud in China between 2014 and 2017 by defrauding over 128,000 people and securing the stolen money in Bitcoin. She then used false documents to flee China and entered the UK, where she tried to launder criminal proceeds by purchasing property in late 2018. Authorities confirmed that Metropolitan Police seized 61,000 Bitcoins from Qian. Will Lyne, head of economic and cybercrime command, described the case as one of the largest money-laundering prosecutions in UK history and one of the highest-value cryptocurrency cases worldwide.
Legal Consequences and Future Action
Another Chinese woman, Jian Wen, 43, received conviction last year for her involvement in the Bitcoin fraud and now serves six years and eight months in prison. Courts will sentence Qian at a later date. Robin Weyell, deputy chief crown prosecutor for the Crown Prosecution Service, emphasized that organized criminals increasingly exploit Bitcoin and other cryptocurrencies to hide and move assets, allowing fraudsters to enjoy criminal profits. Weyell confirmed that the CPS will pursue criminal confiscation and civil proceedings to keep these illicit assets beyond the fraudsters’ control.
