Global Investigation and UK’s Largest Seizure
A Chinese national has been convicted in the United Kingdom (UK) for her role in a fraudulent cryptocurrency scheme that fleeced over 61,000 bitcoin (BTC) from some 128,000 victims. Zhimin Qian, 47, who was charged under the Proceeds of Crime Act, pleaded guilty to two charges, namely the acquisition and possession of criminal cryptocurrency.
According to Met Police officials, the successful conviction of Zhimin Qian, also known as Yadi Zhang, followed a “meticulous” investigation and “unprecedented cooperation with Chinese law enforcement.” The investigation uncovered compelling evidence of the criminal origins of the cryptoassets Qian attempted to launder in the UK.
Commenting on the long-running case, Will Lyne, The Met’s Head of Economic and Cybercrime Command, said:
“Today’s guilty plea marks the culmination of years of dedicated investigation by the Met’s Economic Crime teams and our partners. This is one of the largest money laundering cases in UK history and among the highest-value cryptocurrency cases globally. I am extremely proud of the team.”
In early 2024, UK law enforcement revealed during the trial of Qian’s aide Jian Wen that officers had seized four devices holding 61,000 BTC, now worth nearly $7 billion, from a safety deposit box and a house shared by the two Chinese women. During the trial, Wen was accused of helping Qian convert the BTC to cash, jewelry, and property. Wen was subsequently found guilty and sentenced to nearly seven years in prison for laundering the BTC on behalf of Qian.
Meanwhile, Robin Weyell, Deputy Chief Crown Prosecutor for the Crown Prosecution Service (CPS), hailed the conviction as a testament to the thoroughness of the investigation and prosecution. He added:
The CPS will now work to ensure, through criminal confiscation and civil proceedings, that the criminal assets remain beyond the fraudsters’ reach.
A statement released by the Met Police said the landmark conviction showcases the work being undertaken by its officers and staff, who are using innovative technology to tackle criminal activity linked to serious and organised crime.
