TLDR
- Zhimin Qian admitted to possessing 61,000 bitcoins obtained through a fraud that scammed over 128,000 Chinese investors
- Metropolitan Police made what they believe is the world’s largest single cryptocurrency seizure worth more than £5bn
- The fraud ran from 2014 to 2017 in China, promising investors daily dividends and guaranteed returns on crypto investments
- Qian fled to the UK using false documents and tried to launder money by buying property with help from accomplice Jian Wen
- The seven-year investigation involved UK and Chinese authorities working together across multiple jurisdictions
A Chinese woman has pleaded guilty to charges related to a bitcoin fraud scheme after UK police seized what authorities believe is the largest cryptocurrency haul in history. Zhimin Qian, also known as Yadi Zhang, admitted at Southwark Crown Court to illegally acquiring and possessing the digital currency.
The Metropolitan Police seized 61,000 bitcoins from the 45-year-old. The cryptocurrency is currently valued at more than £5bn.
Qian orchestrated an investment fraud in China that ran from 2014 to 2017. The scheme targeted more than 128,000 victims who invested money based on promises of daily dividends and guaranteed profits.
The victims were primarily aged between 50 and 75 years old. Many invested hundreds of thousands to tens of millions of yuan into the fraudulent programs.
Chinese media reported that some victims included business professionals, bank employees and judiciary members. Friends and family often encouraged them to invest in the scheme.
The Investment Scam
Qian’s company capitalized on cryptocurrency’s growing popularity in China during that period. The operation claimed it would help China become a major finance and technology hub.
The scheme showcased projects and investments it purported to have across the country. Investors knew little about Qian, who earned the nickname “the goddess of wealth.”
Qian stored all the stolen funds in bitcoin assets. When the scheme collapsed, she fled China in 2017 using a fake St Kitts and Nevis passport.
UK Money Laundering Operation
The Metropolitan Police investigation began in 2018 after receiving information about criminal asset transfers. Officers raided a six-bedroom mansion in Hampstead Heath, North London.
Police discovered devices containing digital wallets with the massive bitcoin holdings. They also found a safety deposit box during the raid.
Qian had recruited Jian Wen, a 43-year-old takeaway worker, to help launder the stolen funds. Wen’s lifestyle transformed dramatically after joining the operation.
She moved from living above a restaurant to the luxury North London property. Wen drove a Mercedes, flew her son from China to attend private school, and bought two Dubai properties worth over £500,000.
Seven-Year Investigation
Detective Sergeant Isabella Grotto led the Metropolitan Police investigation. She said Qian had been evading justice for five years before her arrest.
The case required gathering evidence from multiple countries. Investigators reviewed thousands of documents during the complex probe.
Police seized more than £300m worth of bitcoin from Wen separately. She was convicted and sentenced to six years and eight months in prison in May 2024.
A judge later ordered Wen to pay back more than £3m or face an additional seven years in jail. The amount covered bitcoin holdings and the Dubai properties.
Will Lyne, the Met’s Head of Economic and Cybercrime Command, called it one of the largest money-laundering cases in UK history. The investigation involved cooperation between British and Chinese law enforcement teams.
Robin Weyell, deputy chief Crown prosecutor, said criminals increasingly use bitcoin and other cryptocurrencies to disguise and transfer illegal assets. This case demonstrates the scale of criminal proceeds available to fraudsters, he stated.
The Crown Prosecution Service is working to prevent the fraudsters from accessing the stolen funds. Many victims received partial compensation through a scheme established in China.
Qian remains in custody awaiting sentencing. The court has not yet set a sentencing date.
