The Metropolitan Police have secured what is believed to be the world’s largest cryptocurrency seizure, valued at more than £5.5 billion, equivalent to approximately $7.43 billion, following a seven-year investigation into international money laundering.
Zhimin Qian, 47, a Chinese national, was convicted at Southwark Crown Court on Monday, 29th September, after pleading guilty to acquiring and possessing criminal property in the form of cryptocurrency under the Proceeds of Crime Act (2002). Qian, also known as Yadi Zhang, orchestrated a large-scale fraud in China between 2014 and 2017.
During this period, the Metropolitan Police said that Qian defrauded over 128,000 victims before converting the proceeds into Bitcoin.
Multi-Year Fraud Operation
The investigation was first launched in 2018 following intelligence on the transfer of criminal assets, and led to the seizure of 61,000 Bitcoin from Qian. After fleeing China using false documents, she entered the UK and attempted to launder the illicit funds by purchasing property, allegedly with the assistance of an accomplice, Jian Wen.
Following the conviction, 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. 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.”
Qian has been taken into custody and will be sentenced at a later date.
Accomplice Jailed Too
As part of the broader investigation into international crypto-related fraud, Wen received a jail sentence last year for her participation in the scheme. Evidence presented by the Met’s economic crime team revealed that she assisted in moving a cryptocurrency wallet holding 150 Bitcoin, worth £1.7 million at the time, about $2.3 million.
Southwark Crown Court sentenced her on 22 May 2024 to six years and eight months in prison.
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