A Chinese national has been convicted following a sprawling international fraud investigation that led to what is believed to be the world's largest-ever seizure of cryptocurrency. London's Metropolitan Police announced they had recovered 61,000 Bitcoin, valued at over £5 billion (approximately $6.7 billion at current prices).
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| Zhimin Qian a.k.a. Yadi Zhang (Metropolitan Police) |
Zhimin Qian, 47, also known as Yadi Zhang, pleaded guilty on Monday at Southwark Crown Court to possessing and illegally profiting from the cryptocurrency. The conviction marks a major milestone in a complex case spanning multiple countries and involving staggering sums of illicit money.
Qian was the mastermind behind a large-scale investment fraud scheme in China that ran from 2014 to 2017. She defrauded over 128,000 victims, converting the stolen funds into Bitcoin before fleeing the country. According to Detective Constable Isabella Grotto, who led the intricate investigation, Qian evaded law enforcement for five years before her capture. Using fraudulent documents, she entered the UK and attempted to launder the vast fortune by purchasing high-value real estate.
Roger Sahota, Qian's lawyer, stated, "By her guilty plea today, Ms. Zhang hopes to bring comfort to the investors who have awaited compensation since 2017, while ensuring that the current inflated value of the cryptocurrency is sufficient to cover the losses."
Accomplices and the Laundering Operation
The sophisticated money laundering operation involved several key figures. On Tuesday, a Malaysian national, Seng Hok Ling, also pleaded guilty at Southwark Crown Court to his role in the scheme. Ling admitted to laundering money on Qian's behalf, "knowing or suspecting that his conduct would assist another to retain the benefit of or control criminal property."
The court was also informed that confiscation proceedings have begun to recover over £16.2 million (approx. $21.7 million) from Ling, with the final figure to be adjusted based on crypto prices at his sentencing.
Qian's primary accomplice in the UK was Jian Wen, a 44-year-old former Chinese restaurant worker who was sentenced last year to six years and eight months in prison for her part in the criminal enterprise. Wen was instrumental in laundering the proceeds, dramatically changing her lifestyle from living in a flat above a restaurant to renting a multi-million-pound house in North London. She also purchased two properties in Dubai valued at over £500,000 (approx. $670,000). Police seized over £300 million (over $402 million) in Bitcoin from Wen.
The 'Goddess of Fortune' and Her Victims
In China, Qian was known as the "goddess of fortune." According to the Chinese publication Lifeweek, her victims were primarily aged between 50 and 75, with investments ranging from hundreds of thousands to tens of millions of yuan. The scheme was so pervasive that it drew in entrepreneurs, bank employees, and even members of the judiciary, often introduced by their own relatives.
"Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets, allowing fraudsters to reap the benefits of their criminal conduct," said Robin Weyell, a senior crown prosecutor. "This case, involving the largest cryptocurrency seizure in the UK, shows the sheer scale of criminal proceeds available to these fraudsters."
The successful conviction was the result of years of painstaking work. "Monday's conviction is the culmination of years of detailed and highly complex investigation involving both UK police and Chinese law enforcement," said Will Lyne, Head of the Met's Economic and Cyber Crime unit.
Recent legal reforms under the previous Conservative government have made it easier for UK authorities to seize, freeze, and recover crypto assets, and also allow some victims to apply for the release of their funds from seized accounts.
UK Security Minister Dan Jarvis stated that the conviction sends a clear message that the UK is not a safe haven for criminals. "Money laundering erodes trust, damages our economy, and fuels serious and organized crime."
Qian remains in custody awaiting a two-day sentencing hearing scheduled for November 10, which Seng Hok Ling is also required to attend.