LONDON—A Chinese national has been convicted in the UK in connection with what is believed to be the world's single largest cryptocurrency seizure, an outcome marking a major victory for international law enforcement against high-level money laundering.
Zhimin Qian, 47, who also went by the alias 'Yadi Zhang,' pleaded guilty to charges of acquiring and possessing criminal property (cryptocurrency) at Southwark Crown Court on Monday, September 29. The conviction is the culmination of a seven-year investigation by the Metropolitan Police's Economic Crime team.
The case gained global attention due to the sheer scale of the seized assets: authorities confiscated over 61,000 Bitcoins, valued at more than £5.5 billion (approximately $6.7 billion / 9.4 trillion KRW) at the time of the police statement.
Massive Fraud Victims in China
Qian's criminal activity originated in China between 2014 and 2017. She orchestrated a massive investment fraud, duping over 128,000 victims—many of whom were reported to be middle-aged or elderly—through a fraudulent scheme that promised guaranteed high returns and dividends. The victims invested huge sums, reportedly ranging from tens of millions to billions of won.
To conceal and move the illicit funds, Qian converted the proceeds into Bitcoin before fleeing China using false documents and entering the UK in 2018.
UK Money Laundering Attempt
Once in the UK, Qian attempted to launder the vast cryptocurrency hoard through property purchases. Her activities were uncovered during an international anti-money laundering and criminal asset concealment investigation launched by the London Metropolitan Police in 2018.
She was aided by an accomplice, Jian Wen, 44, a former Chinese takeaway worker, who was previously convicted for her role in the scheme last year and sentenced to six years and eight months in prison. Wen helped Qian convert significant amounts of Bitcoin into cash and tangible assets, including attempting to purchase multi-million-pound mansions in London. Police seized approximately £300 million worth of Bitcoin from Wen during their investigation.
Law Enforcement Hails Landmark Case
Met Police officials described the investigation as one of the largest money laundering cases in UK history and one of the highest-value cryptocurrency cases globally.
"This guilty plea marks the culmination of years of dedicated investigation," said Will Lyne, Head of the Met's Economic and Cybercrime Command. "Through a meticulous investigation and unprecedented cooperation with Chinese law enforcement, we were able to obtain compelling evidence of the criminal origins of the cryptoassets Qian attempted to launder in the UK."
The Crown Prosecution Service emphasized that the case demonstrates the increasing use of cryptocurrencies by organized criminals to disguise and transfer assets, underscoring law enforcement's commitment to using all available powers to freeze and seize criminal proceeds.
Qian remains in custody, and a sentencing date has yet to be set. This conviction sends a strong message that the UK is not a safe haven for international fraudsters seeking to wash their ill-gotten gains through the property market or the crypto ecosystem.
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