A Chinese national has been convicted of playing a key role in what is believed to be the single largest cryptocurrency seizure in the world, worth more than 5 billion yuan ($6.7 billion).
Zhimin Qian, also known as Yadi Zhang, pleaded guilty on Monday at Southwark Crown Court in London to illegally acquiring and possessing cryptocurrency.
Between 2014 and 2017, Qian led a large-scale scam in China, cheating more than 128,000 victims and storing the stolen funds in bitcoin assets, according to a statement from the Metropolitan Police.
The Met said the 47-year-old’s guilty plea follows a seven-year probe into a global money laundering network. The investigation began in 2018 after police received a tip-off about the transfer of criminal assets.
Detective Sergeant Isabella Grotto, who led the Met’s investigation, explained that Qian had been “evading justice” for five years before her arrest. Capturing her required a complex investigation involving multiple jurisdictions.
Qian fled China using false documents and entered the UK, where she attempted to launder the stolen money by buying property, the Met added. She was assisted by another Chinese national, Jian Wen. He was jailed last year for six years and eight months for his part in the operation.
In total, the Met said it had seized 61,000 bitcoins from Qian.
“Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct,” said Robin Weyell, deputy chief Crown prosecutor for the Crown Prosecution Service (CPS).
“This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.”
Monday’s conviction marks the “culmination of years of dedicated investigation,” said Will Lyne, the Met’s Head of Economic and Cybercrime Command. The investigation has involved both UK police and Chinese law enforcement teams and is still ongoing.
In 2024, Chinese media reported that most investors in Qian’s schemes were aged between 50 and 75, investing amounts ranging from hundreds of thousands to tens of millions of yuan. The investors reportedly knew little about Qian, who was described as “the female god of wealth.”
The CPS is working to ensure the fraudsters do not profit from the stolen funds. Many victims have had some of their money returned to them through a compensation scheme established in China, the CPS confirmed last year.
Qian remains in custody ahead of sentencing, with the date yet to be set.
The BBC has contacted the Chinese embassy in the UK for comment.
https://ca.news.yahoo.com/chinese-woman-convicted-uk-over-015233186.html
