Zhimin Qian, 47, deceived over 128,000 people in China before attempting to clean the stolen cryptocurrency by purchasing UK property. Authorities convicted the Chinese woman in Britain for directing a Bitcoin fraud following what investigators believe is the world’s largest cryptocurrency seizure, valued at more than 5.5 billion pounds (€6.3 billion). Qian, also called Yadi Zhang, admitted at London’s Southwark Crown Court to acquiring and holding the cryptocurrency illegally. Her admission followed a seven-year investigation into international money laundering, the Metropolitan Police confirmed.
Elaborate Scheme and Escape
Between 2014 and 2017, Qian defrauded more than 128,000 victims in China and placed the stolen wealth into Bitcoin assets, police reported. She escaped China using forged papers, entered the UK, and then tried to disguise the illicit funds by buying property in late 2018, according to authorities. The 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 operations in UK history and among the most valuable cryptocurrency cases worldwide.
Wider Network and Legal Consequences
Officials also convicted Jian Wen, a 43-year-old Chinese woman, last year for assisting in the Bitcoin scheme, sentencing her to six years and eight months in prison. Judges will sentence Qian at a later date. Robin Weyell, deputy chief crown prosecutor for the Crown Prosecution Service, explained that organised criminals increasingly use Bitcoin and other cryptocurrencies to conceal and move assets for personal gain. She added that the CPS will now work through criminal confiscation and civil processes to keep the criminal wealth out of fraudsters’ control.
